Cable back down to 1.1550 from a high of 1.1794
Cable is going to get a chance to test the session low of 1.1474 as it catches another downdraft. It's held the levels just below 1.15 four times already today and this is the fifth test.
In general, an inability to post a real bounce doesn't signal a strong bottom but we're so oversold at this point that it's worth watching to see if it holds. US dollar demand is relentless right now but volatility is lower today in risk assets and if there's any decent period of calm -- even a day, you will see money start to flow back into the pound.
I can't shake the feeling that the market is expecting some kind of dire coronavirus outcome in London.
