The pound is still struggling for reprieve amid multi-decade lows

GBP/USD H1 23-03

The pound continues to struggle as the dollar holds its ground in the European morning. Cable is now down to a low of 1.1507 as it looks to test the 1.1500 handle once again.

As mentioned earlier, sellers continue to retain near-term control and the test of the 1.1500 level as well as the low last week at 1.1412 will be key for cable in the sessions ahead.

Break below those levels and the slippery slope continues as the 100-hour MA (red line) is still helping to limit gains so far as cable consolidates losses over the past few days.

The drop in the pound now sees it only behind the kiwi in terms of the weakest performing major currency, with the kiwi having been dragged lower after the RBNZ announced its own QE program earlier today.