Cable inches a little lower, falling below the 1.2500 handle now
Price falls to a near one-week low of 1.2493 as the pound loses some ground to start the European morning. There aren't any fresh headlines driving the bit-part decline but the overall sentiment for the quid remains murky with Brexit uncertainty still prevailing.
Further support is now seen closer to 1.2481 before sellers will be aiming to test the 9 July low of 1.2440 alongside bids around 1.2450.
Currently, sellers are in near-term control in cable after driving price below both key hourly moving averages in overnight trading. A break below 1.2500 will solidify that bias and give sellers more conviction to search for a move lower.
Looking ahead today, we'll have the release of the UK labour market report so that is a potential risk event. But as mentioned in the calendar preview, barring any major surprises this isn't one to change current sentiment surrounding the BOE and the UK economy.
