GBP/USD downside pressure starting to build
The weak services PMI data earlier is weighing on cable this morning and saved the EUR/GBP which was clubbed lower from 0.8075 highs in Asia. A major Swiss name was apparently piling on the pressure on cable after the PMI release and sent the pair to lows of 1.5962 tripping sell stops through 1.5980 in the process.
Next tranche of bids are noted down in the 1.5950/60 area with a break there triggering more stops to 1.5900 and the daily cloud base down at 1.5884.
Cable’s sitting around 1.5975