Down to 1.6984 we are and we always find support and resistance around the 80 number in cable.
We’re close to challenging the mild support at 1.6965/70 ahead of stronger at 1.6940/50 that I highlighted earlier.
GBP/USD H4 chart 24 07 2014
The pound is in a funk right now and it’s possible that if tomorrow’s GDP doesn’t massively surprise to the upside then the falls could extend much further. The market is expecting 0.8% q/q but has already been primed for 0.9% from the BOE. With the market being tipped the nod we’ll need a bigger beat to see cable turn around.
