Well didn’t take long. Cable has duly triggered stops below 1.6650 reaching a session low 1.6621 fairly quickly.
I think I misjudged things a little, this looks like general sterling weakness rather than just cable pressure.
From here, technical supports for cable 1.6620 and 1.6600.
EUR/GBP is up at .8530 from an early .8495. Talk of sell orders up at .8550.
There is some event risk looming for sterling. Wednesday sees the release of the Bank of England quarterly inflation report and the bank looks set to downgrade it’s growth forecast for this year. On the same day we’ll also have the release of June jobs data, which is hardly going to make for good reading.
