The cable selling in the last 90 minutes has been non-stop. That's nine-straight red candles on the ten minute chart and the pair is now down 20 pips on the day to 1.3063 from a high of 1.3160 after after positive comments from Ukraine-Russia negotiators.
Much of that reversal reflects a broadening skepticism on the peace trade and/or the chance of loosening sanctions under any scenario.
In the bigger picture, this is another disappointing turn for cable, which hasn't been able to get off the floor despite the turn in Ukraine and risk appetite. It's now declined in five straight days and is back within striking distance of the 18-month low at 1.3000.
