Big levels fall in GBP/USD
The break below the 200-day moving average and the March low is a double blow to cable bulls and a sign that more pain is coming.
The pair is down 50 pips on the day to 1.2930 after earlier jumping to 1.3019.
The drop leaves little support until below 1.28 and UK parliament is just getting warmed up for the week.
For now, this is a US dollar story. The commentary in earnings today was upbeat and it looks like fears of a US slowdown (and Fed cut) were overblown. That's being priced out now and it's great news for the dollar.
