Cable made a nice 50-pip move higher in early New York trade but has given it all back now and more. It's at the lows of the day at 1.2476 and nearly 100 pips from just a few hours ago.
The catalyst has been a deterioration in equity market sentiment, led by tech. I flagged the potential for this as bitcoin slipped through $38,000. It has been a semi-reliable leading indicator of equity (especially tech) sentiment.
The fall narrowly broke through the low yesterday but still has some breathing room before the multi-year low set on Friday at 1.2411.
