GBP / USD has now dropped 50 points to 1.3849
The pair showed an excellent result on Friday, clearing the week’s losses together, reaching a weekly high of 1.3900 at the time. Today, opening levels stuck there, but there has been a steady decline since then – all the more so as European traders entered.
The technical picture shows a rejection of 1.3900 and a 61.8 retracement level @ 1.3898, but it also comes when the dollar holds firmly across the board, expanding profits. The USD / CAD has now risen 0.5% to 1.2505, while the NZD / USD has fallen from 0.6% to 0.6950.
If you go back to the cable, there is not much support until the key points move to the average of the average @ 1.3815-16 and then to the region of 1.3731-50.
Or maybe that pound has suffered a little from a hangover in yesterday’s penalization in Italy. ¯_ (ツ) _ / ¯