The UK market was looking for an excuse to book profits and failure in the Pound to rise on better than expected data gave the nod. Tired longs have bailed out, which has sent Cable down through support points at 1.9650 and 1.9630.
The 1.9650 break looks to have tripped stops and brought about a spike to 1.9625. Bids have emerged but there is feeling that sub-1.96 levels will be seen and possibly this afternoon. There is talk of small bids at 1.9620, which might slow further weakness.
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