Cable turns lower on the week as dollar catches a bid

The biggest loser today is sterling as cable is now down 0.8% to 1.2374. On the week itself, the pair is now down 0.3% as it erases the Monday gains and threatens back below the low last week.

The April 2024 low near 1.2300 remains the critical support point at this juncture and it look like we might be headed towards that next.

The move we’re seeing is not just tied to GBP/USD though. It’s a broad-based bid in the dollar as bond yields continue to rise, as noted here.

EUR/USD is now down 0.4% to near 1.0300 while USD/JPY is up 0.2% to 158.40 on the day. Elsewhere, AUD/USD is down 0.4% to 0.6210 and NZD/USD down 0.5% to 0.5613 currently.

This article was written by Justin Low at www.forexlive.com.