Mike Paterson’s daily Forex brief

More fun and games in a volatile 24 hours but we've not broken out of ranges and once again there's been good opportunity both sides of the price.

EURUSD went down back down to 1.3415 in NY trading having capped at 1.3551 but has since been back up to test 1.3575 area where there a few offers reported. GBP USD has looked fairly well bid on the back of decent buying interest by a UK clearer for dividend payment purposes and we saw EURGBP go back down to test strong support at the 0.8650 level I mentioned. It’s failed again though so we've tested resistance at 0.8710 (GBPEUR support 1.1490) and seems stuck in a range too.

Plenty of rhetoric coming out re Greece and the EFSF. Opposing views on the substance of it as well as the legality of a couple of bail out options.

Stock markets had a better day eventually as no further bad news hit the screens and Gold had a nicely nutty time of it trading up to $1635 before going back to the $1585 pivot level and now higher again at $1652.

Traders remain cautious, nervous, frazzled and frayed. These definitely aren't times for the faint hearted and it's testing the nerves of many.

Expect more of the same.

I'm out all day today, with infrequent use of my mobile so please leave a message or contact your providers directly if you need a price.

Have a good day and good luck out there.

Today's Data:


Live Economic Calendar Powered by Forexpros – The Leading Financial Portal

Weekly Economic CalendarHERE

Interbank Rates as of 08.28 BST

Current Price

Overnight

High

Low

EUR/USD

1.3523

1.3570

1.3478

GBP/USD

1.5569

1.5600

1.5531

EUR/GBP

0.8690

0.8706

0.8675

GBP/EUR

1.1497

1.1528

1.1484

GBP/CHF

1.4029

1.4080

1.4014

GBP/AUD

1.5750

1.5898

1.5730

EUR/CHF

1.2204

1.2231

1.2175

GBP/HKD

12.0710

12.0950

12.0420

GBP/ZAR

12.3681

12.5956

12.3061

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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