The cable continues to find support in the 1.5475/1.5500 area on pullbacks, an area that was a tough nut to crack on the topside as prices rallied earlier this summer. The 200-day moving average at 1.5476 is a supportive factor for the pound as are scattered reports of sovereign demand on dips.

A sustained break of the 1.5475 area will likely lead to further weakness but prices look like they are in no hurry to break the 1.5475/1.5700 range any time soon.

8-24 gbp