GBP/USD hits a low of 1.2632 on the session
The pound just seems like it is unable to find any love no matter what sort of environment markets are in. With risk-off sentiment prevailing in trading today, the pound is a notable underperformer as cable slips from 1.2650 levels earlier to 1.2630 levels currently.
The move lower sees the pair close in on a test of last week's lows around 1.2606-24. There are some bids lined up at the figure level at 1.2600 but should sellers firmly break below that, we could see a quick trip towards 1.2500 next.
The dollar is holding up decently in trading today amid softer risk tones and that's not helping cable buyers find much reprieve after a brief recovery on Friday. Sellers are still well in control of the pair and with Tory leadership candidates touting up their courage to pursue a no-deal Brexit, it's not really going to help convince markets that the pound should run higher any time over the next two weeks.
