Technical Analysis

It doesn’t matter if markets rain or shine, the pound just can’t catch a break

Cable falls below yesterday’s low of 1.2581


Cable is hitting fresh lows of 1.2576 now as the pound just can’t seem to find any reprieve as Brexit and UK political uncertainty continues to weigh on the currency amid all the risk-off movements in markets today.

Price is now testing a break below yesterday’s low of 1.2581 and looking at how things are developing, a move towards 1.2500 cannot be ruled out at this point. Further support is then seen at the January low of 1.2441 next.

It’s been a torrid month for the pound, not only against the dollar, as it is also set to record its biggest monthly loss against the euro in two years.

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