Cable slump continues
It's getting ugly in the pound. Cable is down 177 pips to a fresh low at 1.3022.
The drop broke the 55-day moving average. That was a key level because it supported teh drop earlier this month.
The next three levels to watch:
- 1.3000
- 200-dma at 1.2979
- March low of 1.2949
It's looking like it's going to be ugly on Brexit but it always looks darkest before dawn it goes completely black.
Update: It didn't take long for the losses to extend but so far 1.3004 has been the low.
