Cable drops through 2015 lows to test support at 1.4525

At the moment watching the pound is like watching the English football team at a major tournament. You sit wondering how much worse can it get and when the pain will stop

The 2015 lows are no more and we've pulled up at the 1.4530 level I highlighted yesterday

GBPUSD monthly chart

I liked the 1.4500/30 level for a technical long and I've taken a small position, though I'm not too keen on the price action. I now want to see 1.4560/70 area reclaimed but if we hold below then that would spell trouble and I may bail. I'll be out if 1.4500 goes

The lack of vocal support from the BOE has been highlighted further with Goldies pushing back their first BOE hike to Q4 2016 from Q2