GBP/USD: Fresh Downside Pressure as Rally Reverses

Cable is coming under fresh pressure as this morning's rally through resistance at 2.0060/65 was quickly reversed. Support at 1.9985 is under pressure as we write with bulls trapped well above market prices. Dealers were enthused early in the day after the CBI retail data showed a sharp uptick. Further support for the pound lies at 1.9965/70; stops are placed just below that level.