Is that all it takes to knock down cable?
Was there a rumour that Ben Broadbent was going to demand immediate rate hikes?
The market is sure acting like it. Cable is down more than 40 pips since his speech and is now in negative territory on the day at 1.2875.
He said nothing at all in the talk, which was basically an Economics 101 speech on trade.
My thinking is that anything that goes down that easily is in for a rough ride.
The next support level is the daily low of 1.2870 followed by 1.2850, which was yesterday's low.
Update: That didn't take long. Cable crashes through those support levels to a low of 1.2846. That's the lowest since June 28.
