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  • Writer's pictureMike Paterson

Round and round and up and down we go again

Updated: Jun 5, 2018

Let's twist again. The FX markets are headless still as we wait on key US jobs and wages data today at 13.30 BST. To be honest though it's the usual hot air hype. What we need to do is keep looking at the bigger picture and that means the fickle and fragile times remain.

GBPUSD has been up to test the strong 1.3350 sell area and also looked at the 1.3250 support I mentioned yesterday Immediate support/buying now into 1.3280 then 1.3250 still with 1.3230 and 1.3200 the lines behind that. Sell interest between 1.3320-30 still then 1.3350. Yesterday I said keep selling those rallies but respect the dip demand for the moment too. I stand by that again today. Overall the Pound remains on the back foot still and sellers remain poised.

EURGBP has been up above 0.8800 (GBPEUR down to 1.1350) before running into sellers as month-end buying interest fades. Buyers poised nearby around 0.8780 then 0.8750 and 0.8730. Sellers into 0.8830 still and 0.8850. EURUSD has failed above 1.1700 as I warned yesterday and likely to be capped again by large option contract interest there again as I also highlighted. Buyers around 1.1650 still then 1.1620 and 1.1600. Sellers poised around 1.1700,1.1730 and 1.1750

USDJPY has rallied as safe-haven Yen demand faded. Buyers now into 108.50 then 108.30 and larger into 108.00.Sellers 109.30 still then larger into 109.50. USDCHF remains on the back foot and now down to 0.9850 with EURCHF finding a few rally sellers again.

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