Cable eyes October low as pound decline extends on the day

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GBP/USD falls to a low of 1.2712, lowest since 31 October


Pound sellers aren’t letting up and the quid is being brought to its lowest levels since the end of October now with price looking to threaten support @ 1.2696. Theresa May is currently speaking in an ITV interview and she’s not really inspiring much confidence ahead of next Tuesday’s meaningful vote in parliament. However, the pound’s decline has been one that is coming as sellers have hinted at rally-selling for the past week and today is no different.
With the odds still stacked against Theresa May ahead of the vote next week, the only way is down for the pound as traders will be fearing what may come next if and when May’s Brexit deal gets rejected. A second referendum? A general election? A no-deal Brexit outcome?
As I mentioned last week, pick your poison on that. It doesn’t matter which it is, it’s all negative for the pound at this point.
Watch out for the August low @ 1.2662, if that gives way it could be a quick trip towards 1.2500 as traders begin to fear the worst ahead of next Tuesday’s vote.



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