Cable has been to session low 1.5192, presently at 1.5196. The release of weaker than expected services PMI data started the rot. Some also pointing to gilt auction of 4.5 bln UKT 9/2015’s. Total bids came in at 8.453 bln to produce a slightly soft cover of 1.88.
A UK clearer is being blamed for inflicting a fair part of the damage. I almost always hear this clearer selling sterling recently. Or maybe it’s just coincidence.
I would expect decent buy interest to be lined up down in 1.5150/70 area and stops not far below there, although no confirmation of such.
