UK Prime Minister Theresa May postponed the much-awaited Parliementary vote on her Brexit “deal”, date unknown.
That’s all the news we need to know today.
The 1.2700-1.2800 range on the GBPUSD now no longer applies.
There was a small cluster orders between 1.2620-50 but that support broke when the vote cancellation (sorry, postponement) was announced.
The pound briefly touched 1.2505 and is now looking for direction around a pivot at 1.2560.
Watch out for the order clusters to come back to 1.2620-50 (because bank traders love familiar places). Likewise there may be interest in profit-taking bids between 1.2470-1.2510.
EURUSD didn’t have the legs to go to 1.1470 so we think we can forget about testing 1.1530 this week.
Longer-term we’re not sure about direction, but scalpers should look out for interest around 1.1430 and 1.1380 on the high side, and supports around 1.1330 and 1.1290 dollars.
AUDUSD is still holding above 71.80 cents. There is a major cap above 72.35 cents that we mentioned yesterday, so scalpers do take note.
USDJPY held firm at 112.35 overnight. We had thought 112.90 would cap any retracements but now it appears 112.90 has become support.
While we (continue to) wait for new direction, expect 113.40 resistance to hold. Spot will need to clear 113.80 for a new uptrend to be considered.