Bounce from 1.31 halted
Cable just can't seem to get going. It's been a painful slide from 1.44 in April down to 1.3200 currently.
Bounces have been small and wiped out before they could build any momentum. Today the pair is a victim of US dollar strength as that weighs across most of the market but is hitting the pound particularly hard with a 50-pip dip in cable in the past hour or so.
That leaves it perilously close (maybe one bad Brexit headline) away from a drop down to 1.31 and a retest of this year's lows.