Pound tumbles as Brexit shambles continues.
Tuesday 30 July 2019
Regular readers will know that I warned a long time ago about the political and economic/GBP fallout as the Brexit/UK government mess unravelled and now it seems the markets believe it too as the Pound gets kicked lower yet again. In what is turning out to be a decent size move we also have markets waiting on the US Fed's eagerly awaited interest rate announcement tomorrow evening.
Loads more chatter, and more again this morning, about No-Deal Brexit has seen GBPUSD fall to post 1.2118 in Asia, levels not seen since March 2017 after collapsing through 1.2180 then 1.2150 helped again by GBPJPY selling plus the usual month-end EURGBP demand I highlighted again yesterday.
EURGBP buyers are prevailing again as I've been warning and in the current perfect storm with month-end BUBA buying also in play once again and helping to underpin has posted 0.9191 highs ( GBPEUR down to 1.0880).
GBPJPY continues on the back foot with the GBP selling generally along with the fragile-risk Yen demand as I've been warning to take out a whole raft of bids and post lows of 131.60.Bids still between 131.50-60 then 131.30 and 131.00 with more at 130.80, 130.50 and 130.00.Offers building again at 132.00, 132.50, 132.80, 133.00, 133.50 and 134.00
I remain GBP bearish overall and will continue to rally-sell as my preferred strategy amid all the uncertainty/indecision including Brexit/political fallout. I hope the long-held view has steered you well.
EURUSD is still finding some inherent demand and on the crosses too, particularly EURGBP of course, but rallies still limited and remains tightly bound between 1.1100-1.1200.USDJPY remains underpinned on the USD demand generally with little reaction to the expected lack of action from the BOJ but still capped by rally sellers poised again around 108.80-00.USDCHF has also found some dip demand again but tempered by some CHF safe-haven demand with the SNB never far away to keep sellers on their toes
AUDUSD has posted fresh recent lows of 0.69891 amid the general USD demand and remains on the back foot while
USDCAD remains tightly bound 1.3150-1.3200 ahead of tomorrow's US Fed announcement.
Fickle Forex markets ever prevailing so be ready with your entry/exit levels and orders as always.
I hope my updates/tweets are helping. Feel free to contact me if you need some clarity on current moves to assist your decision making.
Have a good day out there one and all.
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