December 7, 2022

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Cable continues to crumble, falls 100 pips

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Cable down 100 pips on the day

Cable down 100 pips on the day

The cable chart isn’t looking pretty.

It’s down 100 pips on the day to 1.3574 and is now testing minor support at the Feb low of 1.3564.

In the bigger picture, the failure at 1.4250 looks like a major double top. The break, which is confirmed now, targets 1.3150. That’s an ugly look and it says some troubling things about broader markets.

Of course, the downside is what the Treasury market has been highlighting for awhile. The message in GBP specifically might be that the reopening that’s ongoing isn’t going to end well.

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