Cable continues to slide lower, presently at 1.4765. Sterling has been very much on the backfoot this afternoon in the wake of well-respected analyst Mike Mayo advising selling certain US bank shares. He also assigned “underperform” ratings to Bank of America and JP Morgan Chase, the two biggest US banks by assets.
As we know sterling has increasingly become a proxy for the health of the banking sector and with financial stocks taking it on the chin today, sterling is following suit. Technical support next at 1.4750 and then 1.4710.
