With cable under pressure after critical comments on the UK’s AAA rating, the market is looking for support levels. Bids are seen on banks’ order books at the 1.4950 level while 1.4875 is support, the low from June 30.
Cable’s short-covering rally during the US morning faltered at the base of the old sideways 1.5080/1.5230 range and has since come back under pressure. Trendline resistance is overhead at the 1.5090 level from the line broken on Friday.
