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  • Mike Paterson

Ranging again

Tuesday 24 January 2023

Not a lot to report to be honest as FX pairs find themselves range-bound again amid the mixed USD tones.

Equities are off their highs seen yesterday while WTI duly held $81.00 support again then $81.50 but finding some sell interest at $82.50 in the rally that I mentioned yesterday and now a few offers lined up at $82.00 again. Gold now finding support at $1930 but stuggling above $1940 amid the uncertainty so still tightly bound albeit in an upward trend. Ukraine/Russia war continues to be the elephant in the room amid other geopolitical risk. Softish EZ PMI data out earlier helping to cap some EUR pairs. UK services and composite PMI out just now both soggy and sending GBP lower.

Remember, focus on the price action and let the algos do the heavy lifting/dropping. The important thing is to identify your preferred risk/reward entry/exit levels.

GBPUSD: Under pressure again post-PMI data this morning having held 1.2300 in yesterday's extended retreat as some USD demand returned. Some rally re-sells duly placed again above 1.2400. I remain poised to re-sell per ongoing strategy but some caution still advised amid the uncertainty. Keep an eye on GBP crosses still. EURGBP: 0.8760 now providing decent support and testing 0.8800 again having finally broken up through yesterday only to fail into 0.8820. Expect some two-way business still as core pairs and CBs make their mind up. GBPJPY: Finding support at 160.75 but capping at 161.80 in the rallies. Good two-way pips expected still whatever your preference.

EURUSD: Struggling to break 1.0900 this time after yesterday's cap around 1.0920 and retreat to 1.0850.Recent EUR demand a little overdone on ECB expectations. USDJPY: A hold of 129.60-70 after failing around 130.80 this time but capping at 130.50 since as the jury remains out.

Mail for my full update.

Let's continue to be careful out there.

Interbank rates: 08.55 GMT

GBPUSD 1.2395

EURUSD 1.0873

EURGBP 0.8774

GBPEUR 1.1395

GBPCAD 1.6480

GBPJPY 160.30

GBPCHF 1.1355

GBPZAR 21.2665

GBPHKD 9.6129

USDJPY 130.23

EURJPY 141.58

EURCHF 1.0000

EURHKD 8.4323

AUDUSD 0.7021

NZDUSD 0.6491

USDCAD 1.3360

USDCHF 0.9196

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