Cable lands with a thud
Cable finally found some support ahead of 1.2200 but halting the decline hasn't led to any kind of rebound. Since hitting the low two-and-a-half hours ago just after the London fix, the pair rallied max of 24 pips and is now just 10 pips from the lows.
It's early, but the limited bounce points to a complete buyer's strike in the pound. Boris Johnson is trying to firmly put a no-deal Brexit on the table in an effort to get the EU to renegotiate the withdrawal deal. So far they've run into a wall but are meeting with Irish officials today in an attempt to swing some support.
Ultimately, I think this ends in an election because there's no way the UK is leaving by October 31 as it currently stands. It would take some kind of miracle to get it done but I don't think EU leaders want to do Johnson any favors.