Risk trades are legging down further on European/global growth concerns and that's helped GBP/USD break below last week's low and down to 1.1969.
That leaves just the June intraday low of 1.1934 protecting cable from the pandemic lows. Earlier today the euro fell to a 20-year low and it remains near the worst levels of the day but cable is quickly catching up.
There's nothing new unfolding but the rise in European gas prices appears to have kicked off a new round of worries.
In this leg, GBP is falling alongside the commodity currencies. All of CAD, AUD and NZD are now down at least 1% on the day.
