Cable Collapses To 1.33 Handle – What Happens Next?

The collapse continues as Friday’s bounce in GBPUSD is rapidly being erased. Cable is now down 2% back to a 1.33 handle..

As Bloomberg notes, GBPUSD is consolidating drop to 1985 levels with key support as follows:

  • 1st support: 1.3229, June 24 low
  • 2nd support: 1.3031, 76.4% Fibo retracement of rally from 1985 to 2007
  • 3rd support: 1.3000, psychological support


As FTSE Futures are set to open shortly, begging the question what happens next?

via Tyler Durden

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