Cable sellers not waiting on the Fed, goes hunting for a firm break lower

The reaction to Putin's announcement is starting to see more notable moves, with some stops perhaps being triggered as cable falls to 1.1304 - its lowest level since March 1985 - to start European morning trade. It was a quick drop as the pair breached 1.1350 to hit a low of 1.1304 within a span of minutes.

We are seeing a light bounce back to 1.1330 now but it looks like sellers aren't waiting around for the Fed and are looking to make a play, chasing the next downside leg in the pair.

I don't want to go off ranting about how the pair still needs relative confirmation from a more hawkish Fed to really seal a breakthrough but a clean technical break here leaves little in the way of a steeper drop - at least from a technical predicament.

One can expect talks of a push towards parity to seep in with maybe 1.1000 and 1.0500 being key psychological levels to point towards for any relief next.

GBP/USD GBP/USD The GBP/USD is the currency pair encompassing the United Kingdom’s currency, the British pound sterling (symbol £, code GBP), and the dollar of the United States of America (symbol $, code USD). The pair’s rate indicates how many US dollars are needed in order to purchase one British pound. For example, when the GBP/USD is trading at 1.5000, it means 1 pound is equivalent to 1.5 dollars. The GBP/USD is the fourth most traded currency pair on the forex exchange market, giving it ample liquidity a The GBP/USD is the currency pair encompassing the United Kingdom’s currency, the British pound sterling (symbol £, code GBP), and the dollar of the United States of America (symbol $, code USD). The pair’s rate indicates how many US dollars are needed in order to purchase one British pound. For example, when the GBP/USD is trading at 1.5000, it means 1 pound is equivalent to 1.5 dollars. The GBP/USD is the fourth most traded currency pair on the forex exchange market, giving it ample liquidity a Read this Term