Institutional investors have been heavy sellers of cable in a thin Friday afternoon market, helping push the pound below support at the 1.5850 level. We trade now at session lows of 1.5833.
From a fundamental standpoint, some traders express disappointment that presumptive PM Cameron did not have more concrete proposals for turning around the UK economy and reining in its ballooning deficits.
Politically, I don’t blame him. When you’s opponent is as popular as Cholera, you don’t need to lay out specifics to win (see Obama, Barrack).
1.5768 is critical support for GBP near-term. 1.5850/55 is now resistance.