Cable bleeds away London gains, what's next

28 June 2016, 19:10
Sherif Hasan

Cable bounce fades

All the gains since the start of London trading have evaporated and GBP/USD is now up just 60 pips on the day to 1.3284. The high was 1.3419.

The level to watch is yesterday's US low of 1.3260. A break below would confirm that the minor uptrend since late yesterday is broken.

A break below 1.3260 will put a bull's-eye on the post-Brexit low of 1.3121, and probably lower.

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