Cable has come under renewed pressure in early European trade, presently down at 1.6250 from an opening up around 1.6300.
Risk aversion is being ratcheted higher, the civil unrest in China hardly helping matters, and this will be helping to pressure cable.
Also there is growing speculation the Old Lady will signal an extension of it’s quantitive easing programme later this week, most probably by some £25 bln. This is a negative.
Technical supports lined up at 1.6245, 1.6225/30 and 1.6200/05.
Given the well-touted 1.62-1.66 range, it’s hardly surprising that there are reports of sell-stops gathered just below 1.6200 in the 1.6185/90 area.