Cable continues to struggle, presently at 1.6285. Talk of buy orders at 1.6280/85 with stops gathering around 1.6270.
Market doesn’t like what it’s seeing in the UK banking sector, fears aggressive QE extension Thursday, worries about the dire UK public finances. On top of that we’ve just had poor contruction PMI data and general risk aversion is on the rise with European stocks struggling. Not a terribly encouraging backdrop, he says with typical British understatement.
