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  • Writer's pictureMike Paterson

Pound wobbles again on renewed Brexit concerns

Monday 3 September 2018

Plenty of noise over the week-end about the UK's Brexit plans with EU's Barnier, and the UK's Davis and BoJo all putting the boot into May's "Chequers" plan. Cue further losses for the Pound.

GBPUSD was already slipping on Friday having failed to hold above 1.3020 again and we've since been down in Asia to test support around 1.2880. Buyers sill remain down there with more between 1.2840-50 with a decent line in the sand below that at 1.2800. Sellers now poised around 1.2930, then 1.2950, 1.2975-80 and 1.3000 with 1.3020 now the topside line. I remain a rally seller.

EURGBP has popped back over 0.9000 (GBPUSD down to 1.1108)amid general GBP supply and EUR demand. Sellers poised into 0.9030 then 0.9050 and 0.9080 with the barrier option at 0.9100 still casting a shadow but a long way off for the moment..Demand into 0.8970 then, 0.8950 and 0.8930 which remains a key area as does 0.8900

EURUSD has found support at 1.1580 but similarly resistance/sell interest around 1.1630.More demand between 1.1550-60 then 1.1530 with sellers also at 1.1650 then 1.1680-00.

USDJPY remains tightly bound with buyers around 110.80 still then 110.50. Sellers remain poised at 111.30 then 111.50. USDCHF has found a little support after holding 0.9650 but remains delicately poised with CHF buyers ever ready. Dip demand still expected though.

AUDUSD took out the 0.7200 barrier option support on Friday and continued its journey lower to post 0.7165 before finding a few buyers. Sell interest now at 0.7220 then between 0.7250-60. Buyers around 0.7180 and 0.7150. USDCAD has rallied again with the Canadian $ continuing to suffer over the NAFTA uncertainty and the jury is still out as I've been warning. Buyers now around 1.3020 and 1.3000 then larger into 1.2980 and 1.2950. Sellers around 1.3080 then 1.3100 and 1.3120.

Fickle Forex markets ever prevailing, so get your orders in to take full advantage of these moves. US and Canadian markets closed for Labour Day today will only add to the potential volatility.

The mighty Shrimpers returned to the hallowed Hall on Saturday but handed all 3 points to Charlton in a frantic game that saw 3 players sent off in an injury time fracas as tempers flared.Poor discipline and we're now without 2 key players including our keeper at a time when the injured list is mounting too. Grrrrr...

England's cricketers finally got their act together to win the 4th Test versus India and take the series 3-1 with only the final game at the Oval to come. Great result against the No.1 rated side in the world.

Have a good week out there one and all.

Interbank Rate 08.55 BST GBPUSD   1.2918 EURUSD   1.1618 EURGBP   0.8993 GBPEUR   1.1118 USDJPY   110.98 USDCAD   1.3041 USDCHF   0.9698 GBPAUD   1.7904 GBPCAD   1.6855 GBPCHF   1.2525 GBPZAR   18.9670 GBPHKD   10.0153 EURHKD   9.0083

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