Cable down to session lows at 1.2975
Some negative remarks by UK finance minister, Sajid Javid, on Brexit over the weekend helped to give a slight nudge lower to the pound but combined with heightened odds of the BOE cutting rates on 30 January, it is keeping the pound under pressure today.
Cable is down to session lows now @ 1.2975 as sellers continue to maintain near-term control as price also tracks below the 1.3000 handle.
Further support is now seen closer towards 1.2950-60, a region that has helped the pair bottom out during the move lower at the early stages of last week.
If that breaks, it will open up further downside momentum for the pair to dip lower towards the late December lows around 1.2905-20 next.
As mentioned earlier, the week ahead is going to be an important one for the pound but barring any major turn in economic data sentiment, I would expect the currency to stay pressured and any rallies to be sold into ahead of the BOE next week.
