The pair rallied from a NY close around 1.59 yesterday to 1.6065 after the retail sales numbers came out, but has now fully reversed all of today’s gains. Bank of England’s Weale was speaking earlier and surprised the market with dovish remarks. Weale is known as a hawk within the MPC. This led to fresh GBP selling and Cable is now near the daily low at 1.5875. Next tech support noted at 1.5855 and then 1.5770.
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