Ummm, the fiscal situation in some European countries is so bad that there is a danger markets will lose faith in them. Funnily enough the first place I thought of wasn’t a euro zone country but the good old U.K. Looks like some others may have been of the same mind.
Cable has come under some pressure, the aforementioned sell interest up at 1.6860/80 having once again proven a durable barrier to the upside, the post CPI rally capping out at 1.6872.
Support from here lies initially down at 1.6795/00 and then 1.6775, 1.6750.
