Pound under pressure again
Friday 18 June 2021
Seems the GBP bulls have left the building for the moment as we see further falls in the Pound since the FOMC meeting with GBPJPY supply leading the way amid risk-averse Yen supply generally per my tweets.
Another fall this morning helped by some soggy Retail Sales data for a very soggy lockdown May. No great surprise but the Lib Dems winning the Chesham by-election gave the algos something to work with too and bit of a reality check on the UK overall. GBPJPY selling still notable and 200 pips lower from the areas I was shorting post FOMC. I hope the steer helped. Do let me know.
US Treasury yields continue to retreat and confuse but I still say the jury is out on USD and risk sentiment so patience and discipline are key too of course.
GBPUSD: Further fall this morning to look at decent 1.3850 bids/support and pips banked per my tweet. I remain a rally seller but expecting some dip demand in this extended move. EURGBP back up to 0.8585 helping to cap.
EURGBP: A good hold of 0.8540-50 and now testing 0.8585 offers as EURUSD finds support below 1.1900.GBPJPY: Capped at 154.50 as risk sentiment and justifying my short strategy across the core pairs
I remain a GBP rally seller across the pairs but feeling this latest move may run out of steam a little. Risk to the downside though still.
EURUSD: Finding support at 1.1880 but sellers poised into 1.1930. A few options in play today.USDJPY: 110.40 capping the latest rally amid the general JPY demand but finding support this morning below 110.00 where we have options interest in play today.EURJPY: 130.80 now providing a decent base after another decent fall but sellers poised.USDCHF: Undepinned still with the SNB ever vigilant but sellers at 0.9200 as EURUSD rallies where we also have options interest today.EURCHF: Holding 1.0900 again with SNB shadow/help ever present but sellers between 1.0950-60 prevailing atm.
AUDUSD: Finding support at 0.7520-30 after another AUDJPY led fall but sellers poised. USDCAD: Holding 1.2300 and now 1.2330 and moving higher to 1.2360 amid the geberally firmer USD tones with CADJPY demand also helping still.
As we look at trading opportunities it's even more important not to over analyze but trade the price action with discipline and patience. I can help with this in my 1-2-1 sessions and now is the time, more than ever, to get on board with those if you haven't already done so. Contact me to take advantage of currently reduced prices.
The not so small matter of England vs Scotland tonight as the Euros of another variety continue so let's hope it lives up to all the hype.
Let's continue to be careful out there in all things. Staying safe must be our main priority still. Have a good week-end everyone.
Interbank rates: 08.37 BST