Cable on the defensive after failing to break 1.40
Cable falls into month-end
Cable is at the lows of the day in a quick fall to 1.3869 from 1.3900. Yesterday I wrote about May seasonals in GBP/USD and suggested selling the pair because it's such a weak month for sterling.
Technically, it looks to have failed in another test of 1.40. This is the fifth effort to break above that level since the start of March.