Sellers start to exert more control on a break under 1.2400
Evidently, pound sellers were irked by my earlier post and are starting to make waves now as cable sees the 1.2400 level give way. At the same time, EUR/USD is also easing lower to fresh lows on the day under the 1.0800 handle.
For cable, price has now fallen to its lowest levels since 27 April.
Looking at the near-term chart, support is limited and I would argue that the 1.2300-10 levels would be the next key region to watch out for upon a firm break under 1.2400.
On the daily chart instead, we could be headed towards a test of the 21 April low @ 1.2248 next especially if the Brexit risks mentioned earlier starts to materialise.
