Cable has come under accelerated pressure, with stops below 40 tripped taking the pairing to a session low 1.6724. The pairing is trying to steady at writing, presently at 1.6735.
Sources note the cable sell-off had it’s roots in EUR/GBP action. There a large hedge fund stepped in and bought good amounts of the cross. EUR/GBP is presently up at .8580 from an early .8560.
Technical support now for cable at 1.6700/10. The fall-out from yesterdays surprise BOE QE move lingers, and crappy figures from RBS have hardly helped matters.
