Cable has come under fairly heavy pressure after an early attempt to rally over 1.5000 fizzled out and we’re back down at 1.4945 presently.
Risk sentiment has certainly been dented by the disappointing Chinese GDP data released earlier. News of the 9 building societies being downgraded by Moody’s will also be weighing a little on sterling.
Next technical support for cable lies at 1.4935 and then 1.4920 and 1.4905.
