That's not a pretty chart as the latest drop below 1.2000 is finally exposing the technical vulnerabilities in cable, with there being little support on the way down through to 1.1500 potentially.
The pound itself is in a struggling spot as the cost-of-living crisis threatens a recession and raises questions on the BOE appetite to stick with tightening monetary policy in the months ahead. Inflation pressures aren't abating and the UK isn't exactly spared from an energy crisis of its own in the months ahead.
Throw in a good dose of political turmoil and it's hard to see the pound get much love. As for the dollar, the story remains unchanged as the Fed is unyielding in its resolve to stay more aggressive in raising interest rates.
Looking at the chart, it's tough to pick at support for cable on the way down. The 1.1500 level seems to be where price might be headed, with the 2020 low around the 1.1410-45 region one to watch as well.
