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Sunday, August 1, 2021

Cable will have another look at the 1.3750 zone of support

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Keep on knocking and they’ll eventually let you in

Cable is down 63 pips to the low of the session at $1.3765. That’s the worst level of the week and it will leave GBP/USD just above the cluster of lows that stretches down to 1.3731.

If that gives way then the March-April double bottom of 1.3670 is the next stop. If that can’t hold then it could get ugly fast.

GBPUSD

What’s worrisome is that the selling comes despite a hawkish turn from a pair of MPC members.

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