GBP/USD: Look out below..

Upon a firm break below 1.1800 and the 13 July low at 1.1759, it has been a continued drop for cable today to a low of 1.1650 earlier. Going by the chart, there isn’t much in the way of a push towards the March 2020 lows or at least a test of 1.1500 first next.

The latest news by Ofgem here isn’t going to provide much comfort to the UK outlook towards Q4 and with prices slated to rise further next year, you know things are grim when there will be some households who will have to pay more on electricity than they do for mortgage.

Michael Cooper

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