Cable lost ground overnight in Asia and the sell-off has continued in early European trade. The pairing is presently down at 1.6430 having closed out last week about a full cent higher.
General risk sentiment has taken a hefty knock and this is underminning sterling. Also weighing is the latest Rightmove house price data, which doesn’t make encouraging reading for those looking for a sustained recovery in UK house prices.
Supports for cable now at 1.6400/05 and 1.6380.
