Cable plummets further, falls below 1.2700 to fresh lows since September 2020

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Well, in terms of sentiment, not much has changed since my post last week here.I outlined why cable is struggling and the same mood is persisting as we get into the new week. The drop below the 50.0 retracement level @ 1.2830 sees sellers open up the next leg lower and that is towards the 1.2700 level now. The September 2020 low @ 1.2675 is also a key one to watch as a break below this region sets out the next push towards 1.2500 with the 61.8 retracement level sitting @ 1.2495.Month-end flows might make it a bit more tricky but given that the usual suspects will still be at play until the Fed next week, I continue to maintain the view that sterling might not see much reprieve in the meantime.

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