Relentless selling

The talk that the EU won't budge on the vote is a bit rich -- that's exactly the kind of thing Theresa May would want to leak ahead of the vote but it's not helping. In any case, it's not like May has much chance of winning this vote. Maybe there's a bit of a sell-the-rumour-buy-the-fact trade underway?

Whatever is going on, it's happening in a big way with cable down 150 pips to 1.2715. Another small slide will take out 1.2700 and that would likely set off another round of stops as last week's lows are taken out.