That’s not a pretty chart as the latest drop below 1.2000 is finally exposing the technical vulnerabilities in cable, with there being little support on the way down through to 1.1500 potentially.
The pound itself is in a struggling spot as the cost-of-living crisis threatens a recession and raises questions on the BOE appetite to stick with tightening monetary policy in the months ahead. Inflation pressures aren’t abating and the UK isn’t exactly spared from an energy crisis of its own in the months ahead.