Mike Paterson’s daily Forex brief

More of the same in the past 24 hours, with the Pound generally undermined and the Euro still on the up, although we’re still seeing good two-way business.

EURUSD has continued to find good support in the dips and is trying to test the next strong resistance at 1.3400. EURGBP fell back yesterday a little too but similarly moved back up to breach 0.8500 (GBPEUR down to 1.1755) as the Pound failed to attract any fresh buyers in this risk-on environment.

In the last half hour or so though we have seen a small GBP correction following the final GDP revision showing nothing worse than we already knew at –0.2% for Q4. GBPUSD has climbed above 1.5800 and EURGBP has fallen back to 0.8472 (1.1803) as I type. Elsewhere the Pound has also firmed a little.

Forex Update

Forex Update

Nothing much else to report apart from USDJPY breaking higher again through the next key level of 80.50 and if we close above here there is technical analysis to support a long term continuation of this trend.

Little in the way of data left this morning but this afternoon brings us some US news to keep things ticking over amongst the usual Friday fare.

Have a good week-end everyone.

Agree or disagree? Then please leave a comment in the box below or contact me by e-mail.

Mike ‘Oscar’ Paterson has been in the Forex trenches for nearly three decades working as a senior Spot trader in London at UBS, Chief Dealer FX at the State Bank of Victoria and in charge of Spot CHF at Credit Suisse with a daily turnover in excess of $1.5 billion. Mike now works as an independent consultant providing a fully bespoke service to the corporate and private sectors in physical FX delivery as well as guiding those who wish to improve their currency trading. Mike also presents seminars and workshops and writes for a number of publications.
To contact Mike please call +0044 (0) 1732 700383 or email mike.paterson@economicvoice.com
The views expressed above are those of the author and should not be taken as investment advice. MSP Foreign Exchange Services will have no liability for, or to, any persons executing trades based on the content above.

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