Round and round and up and down we go again
Friday 5 April 2019
As we close out another week, we're no closer to any agreements on Brexit, trade or other issues going on in this fragile world of ours. FX markets therefore continue to trade tightly. US jobs and wages the major data risk today at 12.30 GMT.
GBPUSD once again capped around 1.3190 where I duly resold then broke down through the 1.3120 support/pivot area that I've highlighted, to head lower taking out the support at 1.3100 and 1.3080 but stalling bang on the next tranche at 1.3060. A nice move down before moving back up to test 1.3120-30 pivot on talk that Tusk/EU might offer an olive branch of a 12 month Brexit extension.EURGBP held 0.8530 and rallied to test 0.8600 as the Pound fell.
I remain GBP bearish overall and continue to rally-sell as my preferred strategy but I continue to respect the two-way business amid the Brexit chaos.
EURUSD failed around 1.1250 again where I've highlighted good sell interest for a while now but equally holding 1.1200 on the retreat. USDJPY is also trading tightly but remains underpinned.
USDCHF has also been tightly bound with those 0.9960 bids still helping to underpin as EURUSD finds a few buyers and EURCHF finds support around 1.1200 with the SNB remain ever-watchful.
AUDUSD also remains range bound with large option expiries at 0.7100 today while USDCAD has also been tightly bound as the general uncertainty continues amid variable oil prices and CADJPY action.
Fickle Forex markets ever prevailing so be ready with your entry/exit levels and orders as always. My birthday today and I'm heading out shortly so please contact your rate providers directly should you need to trade.
The fragile Shrimpers make the long journey north to Fleetwood tomorrow in desperate search of at least a point under new manager Kevin Bond and his mentor Harry Redknapp. Strange but true. Let's hope this gamble works with 6 games left.
Have a good day/weekend out there one and all.
Interbank Rate 07.38 BST