Markets

Cable inches below the December low, what's next

Cable touches one pip below the December bottom

Cable is down more than 50 pips since the strong US data on manufacturing and construction spending.

The pair had been relatively flat on the day before the figures were released but the news set off a flurry of USD bids.

The low in GBP/USD was 1.2200, which is only one pip below the December low of 1.2200. That's the kind of 'break' that makes market watchers groan.

Still, it highlights the importance of that support zone. If it gives way at the close, the October lows near 1.21 will be under threat. Watch out for new year flows into the London fix and London close.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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