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  • Mike Paterson

Range bound still as juries remain out

Tuesday 28 May 2019

Not a lot going on though in real terms and yesterday's levels mostly still in play. All the usual fragile global conditions prevailing as we continue into the week.


GBPUSD still holding 1.2650 for the moment but remains on the back foot. EURGBP buyers prevailing again as we head into month-end. GBPJPY remains on the back foot with USDJPY also in retreat yet again.


I remain GBP bearish overall and continue to rally-sell as my preferred strategy and buy back in the dips amid all the uncertainty/indecision including Brexit. No change to this view for the foreseeable future. Dip buyers will still expect to find better value for money the lower we head but that's still not happening in any big fashion at the moment.


EURUSD remains tightly bound amid all the general uncertainty and EUR-cross plays.USDJPY has retreated again amid the risk-off sentiment. Definitely still a case of rinse and repeat but still not going too far in a hurry. USDCHF remains tightly bound amid the EURCHF and EURUSD calm with the SNB watching closely still. Beware as always.


AUDUSD still going nowhere in a hurry as sellers match buyers and the jury remains out as to how much the expected RBA June rate cut is factored in June amid the US-China trade talks too. USDCAD has meade steady progress after holding around those 1.3430 bids I mentioned yesterday and now testing the sell interest at 1.3480.


Fickle Forex markets ever prevailing so be ready with your entry/exit levels and orders as always.


Have a good day out there one and all.


Interbank Rate 11.00 BST

GBPUSD   1.2657

EURUSD   1.1185

EURGBP   0.8836

GBPEUR   1.1316

GBPAUD   1.8290

GBPCAD   1.7047

GBPZAR   18.5085

GBPHKD   9.8130

USDJPY   109.25

USDZAR   14.6168

EURJPY   122.25

EURCHF   1.1232

EURHKD   8.6718

GBPJPY   138.33

AUDUSD   0.6921

USDCAD   1.3468

USDCHF   1.0040


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