GBP/USD touches a low of 1.3108 on the day
Blink and you miss it. Lows now at 1.3103. It's getting ugly for cable and for other currencies against the dollar right now. The greenback continues to push higher and as mentioned here, there may still be some room to go (until the dollar index touches 95.53).
Right now, the 21 June low @ 1.3102 is in sight with bids at the 1.3100 figure level also eyed. It's all about the dollar today and it isn't wise to step in front of a moving train not when the breaks are not applied yet.
A breach below 1.3100 opens up a move towards the year's low and the 38.2 retracement level @ 1.3055. That will be the next big level before a test of the key psychological level @ 1.3000 is seen.
If you're looking at cable's extension to the downside, make sure to keep an eye on the dollar index's run to the upside too. For the time being, they're basically the same trade.
