Cable triggers stops in move to fresh 2019 lows

Technical Analysis

Author: Justin Low | gbpusd

GBP/USD falls to its lowest level since April 2017

GBP/USD D1 16-07
ForexLive
The pair just hit a fresh low of 1.2420 on the day in a quick move lower after breaching support around 1.2440. Bids around the 1.2400 level will be the next key level to watch out for but even then it doesn't look like a firm level for buyers to lean on really.

It's all about sentiment and things aren't looking great for the pound whatsoever. EUR/GBP also looks like it's taking off above the 0.9000 handle and that may help to precipitate further weakness in the pound over the next few sessions.

You can pretty much apply the good ol' market adages to the pound today. One being: If something can't really on good news, then it's bound to head down in the other direction. The second being: As the saying goes, never catch a falling knife.

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