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  • Mike Paterson

Pound under pressure again

Thursday 1 October 2020

Mixed month-end flows in the end but the story this morning is all about the EU starting legal proceedings against UK for its Internal Market Bill


Big falls in GBP so my apologies for late delivery of my update as Ive been a busy trader but you will understand I hope.


GBPUSD has fallen to 1.2820 from 1.2940 with EURGBP up to 0.9148 from 0.9070.GBPJPY135.30 lows from 136.50.


I stay poised to sell GBP rallies as my preferred side and buy back in the dips as ever.  Patience continues to be a virtue and entry level key as always. I still see dip demand though with markets still in a state of uncertainty overall.


USDJPY still underpinned at 105.30. large options interest still providing demand but also sellers poised 105.70-80 still.EURUSD didn't really see the month-end selling as expected given the general EUR cross pair demand. Now ranging 1.1700-70.USDCHF in retreat as EURUSD holds firm but SNB still underpinning.


AUDUSD seeing more demand helped by large options interest at 0.7150 and 0.7170 but sellers poised still at 0.7200. USDCAD ranging 1.3260-1.3350


Markets are ever-fickle so don't forget to contact me if there's areas of trading these markets or how to make best use of the order boards and expiries, that you might need some further help with.


Let's continue to be careful out there in all things. Staying safe must be our main priority still.


Interbank rates:  09.40 BST

GBPUSD   1.2825

EURUSD   1.1727

EURGBP   0.9143

GBPEUR   1.0933

GBPAUD   1.7865

GBPCAD   1.7065

GBPJPY   135.41

GBPZAR   21.3124

GBPHKD   9.9432

USDJPY   105.59

USDZAR   16.5903

EURJPY   123.80

EURCHF   1.0780

EURHKD   9.0947

AUDUSD   0.7175

USDCAD   1.3311

USDCHF   0.9194


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