Cable falls to a low of 1.2796 on the day
The pound and euro are starting to slip on the day with yen crosses weighing on the two currencies. As a result, GBP/USD has been brought lower and is now looking for a move back below the 1.2800 handle. Sellers will be eyeing support from the September low @ 1.2786 but given the backdrop of stalled Brexit negotiations and uncertain UK domestic politics, it’s not looking good for the pound.
Look out for the US Q3 advance GDP reading today. If the release there is a beat and helps prop up the dollar, expect cable to move to retest the year’s lows at 1.2662 once again.