Cable bounces continue to be sold
The pound is floundering near the lows of day as US trading winds down. It's dropped 170 pips today as it wipes out yesterday's bounce.
The post-BOE bounce was taken out in similarly hasty fashion and now cable is trading at the lowest since July 12. The decline also knocks out $1.3100 and that leaves little support until the big figure.
UK core CPI today was a touch higher than expected and that underscores my favourite fundamental axiom: If something can't rally on good news, it can't rally at all.
