Cable just hasn’t been able to mount any meaninful rally so far this morning, and is coming under renewed pressure, presently at 1.6315. Technical supports are at 1.6310/15 and 1.6290/95.
European stocks are looking rather sorry for themselves so far today, which won’t be helping matters. As mentioned earlier the open conflict between the Old Lady and the Government and a growing realisation that maybe the UK won’t be the first industrialised nation to recover are other things weighing.
That said, does a collapse in cable look to be on (or in) the cards. Not to me. Rather we’re probably stuck in a 1.6200-1.6600 trading range.
