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  • Mike Paterson

Range-trading still as another month begins

Markets are still going nowhere in a hurry as another month gets underway and traders remain uncertain on future trends. Risk-off sentiment prevailing again too on renewed/on-going trade war fears.

GBPUSD finally tested 1.3200 after the better than expected final UK Q1 GDP data released on Friday that I reported. Sellers waiting though again and we've been back to 1.3148 from 1.3220 with GBPJPY selling once again in play too. Immediate support/buying between 1.3140-50,1.3120, 1.3100 and 1.3075-80.Sellers around 1.3180, 1.3200, 1.3220 and 1.3250. Keep selling the rallies with Brexit and UK government turmoil never far from the headlines.

EURGBP has traded tightly in a range of 0.8830-70 (GBPEUR 1.1273-1.1326) after it's month-end rally failed into 0.8900. I warned on Friday that buyers were poised at 0.8830 and so it proved. More at 0.8800 and 0.8785 still.Sellers now around 0.8860, 0.8880 then 0.8900

EURUSD duly found sellers around 1.1700 where I've been warning of decent interest and has retreated again to post 1.1626 helped by EURJPY supply. Buyers around 1.1620 still then 1.1600, 1.1580 and 1.1550. Sellers initially around 1.1680 then 1.1700 and 1.1730 still.

USDJPY finally broke up through 111.00 but then failed with safe-haven Yen demand also returning. Buyers now lurking down around 110.50 again,110.30 and 110.00. Sellers around 111.00 still then 111.30 and 111.50. USDCHF has traded tightly amid the general market uncertainty with EURCHF steady still.

The Aussie, and NZ$ have both found a few sellers again on the risk-off sentiment. AUDUSD has bids around 0.7350 and 0.7330 still. Sellers now around 0.7400 and then 0.7420 again. USDCAD buyers at 1.3130 then 1.3100. Sellers around 1.3200 then 1.3220 and 1.3260.

Fickle and fragile markets prevailing again so get your orders in to take full advantage of the  moves.

The business end of this World Cup is now underway and already throwing up a few surprises. Interesting scenarios developing as England prepare to take on Colombia tomorrow. Let battle really commence.

Have a good week out there one and all.

Interbank Rate 08.45 BST GBPUSD   1.3156 EURUSD   1.1633 EURGBP   0.8841 GBPEUR   1.1309 USDJPY   110.71 USDCAD   1.3176 USDCHF   0.9921 GBPAUD   1.7853 GBPCAD   1.7329 GBPCHF   1.3050 GBPZAR   18.2251 GBPHKD   10.1983 EURHKD   9.0178

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