Cable sits at 1.5053, effectively where it closed out Monday in North America, struggling to regain ground lost Monday.
Ongoing concern surrounding possible hung parliament, Uk’s burgeoning budget deficit, anemic growth prospects, negative M&A flows are some of the factors which continue to weigh on sterling.
Now the government is coming under pressure from Brussels, the European Commission criticizing it’s parlous efforts to address the burgeoning deficit.
Stops tipped through 1.5010 and again through 1.4990. Gotta think the one’s through 1.5010 aren’t overly large. Seems slightly strange place to place stops, just ahead of the psychological 1.5000 line, but there we go.