Cable has come under accelerated pressure in early trade, off about a big figure in double-quick time. Sterling is a major loser against the backdrop of heigthened risk aversion. It sits presently at 1.4525, not far from technical/psychological support at 1.4500. It’s probably a fair bet that there are sell-stops gathering just below 1.4500.
Sterling will not be helped by the news that Uk retailers were collapsing at a rate of seven a day during the Q-1 2009.
