Cable has come under pressure this morning, presently down at 1.4830. The recent rally in bank/financial shares is stalling and this isn’t helping sterling, which is a proxy for the health of the banking/financial sector.
UBS hasn’t helped matters. The Swiss giant today said it expects to report a net loss of almost 2 bln swiss francs in the Q-1 2009. The bank is stepping up cost cutting measures and has said it will cut its workforce by 8,700 from current levels.
Technical supports for cable now come at 1.4825 and 1.4770/80, resistances at 1.4870/80 and 1.4900/05.