Cable has fallen 70 pips since touching above 1.5080 following the ISM manufacturing data in a broad wave of US dollar weakness.
The pound is the worst G10 performer today despite the UK Markit manufacturing PMI for Januar at 53.0 compared to 52.7 expected. The pair hit the European high of 1.5089 after the data but skidded lower afterwards to the session low of 1.5004.
There are clearly some bids ahead of 1.5000 but the inability of the pound to sustain gains is a concern. In the bigger picture, the 1.4952 to 1.5276 range continues to consolidate.
cable daily
The fall today is concerning but the BOE could begin a shift back to a more-hawkish monetary policy as the ECB steps in to do the heavy lifting.