Another rejection of 1.50 yesterday led to a sharp drop that's extended to 180 pips today.
A close below 1.4744 would be the worst closing level for the pound since 2010. Cable surged on Wednesday after a $70 billion takeover of BG Group but most of the gains faded later and today the pound is down more than 180 pips.
The low so far is 1.4685 as light bids at the March 19 low of 1.4689 gave way.
- Decent bids at 1.4650
- Large bids at the March/2015 low of 1.4635
The final one is the critical level but worry about the election makes the pound vulnerable this month even though cable has gained in April for 10 consecutive years.
