There are differing opinions on whether cable broke the pandemic low and touched the worst levels since 1985 as it fell to 1.1406.
That's because it fell in March 2020 in a fast and thin market. That's left varying bottoms in the low 1.14s, depending on the source.
Given that it's bounced to 1.1460 rather than broken down, I'd argue that the lows held. What's not up for debate is how important this technical zone is. The 1.14 area held after Brexit and during the pandemic. The UK is facing a huge challenge on energy, growth and government spending in the year ahead but it's already down 2000 pips since March.
If somehow this level holds, it will be quite the technical bottom. If not, we could soon be having discussions about parity.
