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  • Mike Paterson

Pound slips again as range trading prevails

It's been 24 hours that's seen ranges remain intact but the Pound has seen a few sellers return as other currencies find favour.

GBPUSD tested the 1.3400 sell interest that I highlighted yesterday before dropping back to look at 1.3300. Immediate support/buying now down there then 1.3280 with 1.3250 still the line in the sand behind that. Sell interest between 1.3350-60 then 1.3385 and 1.3400.  Keep selling those rallies but we're ranging so keep respecting the dip demand for the moment too.

EURGBP has been up to 0.8790 (GBPEUR down to 1.1377) and still looks underpinned helped by the current general Euro demand. More buyers poised into 0.8750 then 0.8730 again. Sellers into 0.8880-05 then and 0.8830. Overall the Pound looks a little fragile again but we're going nowhere in a hurry for the moment.

EURUSD has been up to test 1.1750 before falling back to look at 1.1680 support lines. Buyers around there still then 1.1650 and 1.1620. Sellers now poised between 1.1720-30 and 1.1750 then 1.1780-00.

USDJPY has rallied further to test 110.00 as safe-haven Yen demand fades again and US$ demand prevails again for the moment. Buyers now into 109.50 then 109.30 and larger into 109.00. Sellers at 110.00 still then 110.30 and 110.50. USDCHF has found some dip demand again but has failed to rally past 0.9900 with EURCHF steadier and EURUSD demand helping to cap USDCHF.

The Aussie and NZ$ have been ranging with AUDUSD showing little reaction to the RBA holding interest rates yet again. Buyers now at 0.7620 and 0.7600 then 0.7580.Sellers 0.7655-60 then 0.7680-00. The Canadian $ is still making its mind up. USDCAD buyers still around 1.2900 then 1.2880 and 1.2860. Sellers 1.2950 then 1.2980-00.

We're still ranging behind all the noise so get your orders into take full advantage of the limited moves.

Have a good day out there one and all.

Interbank Rate 08.48 BST GBPUSD   1.3319 EURUSD   1.1707 EURGBP   0.8782 GBPEUR   1.1385 USDJPY   109.83 USDCAD   1.2919 USDCHF   0.9870 GBPAUD   1.7438 GBPCAD   1.7215 GBPCHF   1.3154 GBPZAR   16.7282 GBPHKD   10.3263 EURHKD   9.0700


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