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Pound Steady after Volatile 48 Hours13 March 2019 by Dave Evans

Morning Report: 07.00 London

The pound is steady this morning after a volatile 24 hours that saw a strong rally on hopes for May’s deal then a sudden plunge as parliament rejected the deal. There are small gains this morning ahead of a ‘no deal’ vote which is widely expected to be a formality as even most Brexit supporting PMs do not wish to exit without a deal.

The GBP/USD is nudging higher and is just below 1.3100 after trading as high as 1.3289 and as low as 1.2961 this week. The GBP/JPY also suffered a heavy reversal from the highs yesterday, with small gains this morning. The EUR/GBP almost entirely reversed Monday’s losses with small losses this morning.

The dollar index is unchanged so far after making gains yesterday. Dollar pairs are mixed, with the EUR/USD posting a small loss for the first time in three sessions.

The AUD/USD is down for the second session in a row, but holding above 0.7050.

The USD/CAD is unchanged and holding above support at 1.3350 after days of losses. Meanwhile, the USD/CHF is struggling to push through 1.0100.

Yen pairs are mixed, with the USD/JPY holding above 111.00. The AUD/JPY is lower for the second straight day, with support around 78.00 the next target.

Gold is picking up and trading above $1300.

Coming up today

Today we have the ‘no deal’ Brexit parliament vote.

At 12.30, we have US core durable goods orders and PPI.

Trade Idea

The USD/CHF is slipping lower this morning as the pair struggles to push through the 1.0100 level. The dollar’s advance has slowed and there are concerns over the Fed’s more Dovish path.

Pound Steady after Volatile 48 Hours

A good way to play this is a LOWER trade predicting that the USD/CHF will close below 1.0050 in 14 days for a potential return of 113%.

Pound Steady after Volatile 48 Hours