It was not an easy day yesterday but what developed was probably the best outcome throughout the pairs. Even then, there is still a risk of swings – the extreme being in EURJPY that must be particularly dizzy. Having said that, it didn’t surprise…
First, the pullback in GBPUSD was pretty damn good. It’s done enough but there is a mild risk of a new corrective high. By the end of today, we should know whether it chooses direct losses or not. This is pretty similar to EURUSD although I feel that there’s an argument for a less forceful decline. While these two pairs look for losses we should see USDCHF and USDJPY recover further but they certainly don’t look like they want to make any massive gains – and that suits.
Equally, the Aussie has been taking its own time to work through the downside and should keep company with GBPUSD and EURUSD. That the two Europeans require a broad swinging decline suits because that’s exactly what the Aussie also needs.
It doesn’t look like a particularly frenetic day again but overall I’m pretty comfortable with the general template through the pairs.
Good trading
Ian Copsey
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