Cable has come under accelerated pressure, presently at 1,.4880. Sources report the sell-off accelerated when sell-stops just below 1.4920 support were triggered. Technical supports now lie at 1.4870 and 1.4850.
Risk sentiment has been ratcheted higher by the release of poor Chinese GDP data and this is underminning sterling. The downgrading of 9 building societies by Moodys is also weighing. Also there is evident caution ahead of JP Morgan Chase releasing results later today at 12:30 GMT.