GBP/USD hits a low of 1.2557, the lowest level since 19 June
It hasn't been a good week for the pound to say the least with UK data having disappointed over the past two days before BOE governor Mark Carney helped deliver a sharp drop in the currency overnight by presenting some doubts about the central bank's stance on tightening monetary policy moving forward.
That is leading to a further drop in cable as the dollar holds firm in the European morning so far, with price falling to its lowest level in two weeks.
Further support is now seen closer to 1.2543 for cable with light bids lined up around 1.2540-50. The next key risk event will be the release of the UK services PMI at 0830 GMT. If that fails to inspire some confidence in the pound, a move back towards 1.2500 can't be ruled out at this point as sellers continue to stay in control.
