Pound under pressure again as rate cut expectations increase

European trading gets underway with another kick lower for the pound 26 July

EURGBP the prime mover in this latest wave as the pair posts 0.8426 sending cable to new session lows of 1.3066 after failing to hold above 1.3100. GBPJPY selling the original tipper of the scales lower.

Good buying interest awaits at 1.3050 and that may prove a tough one to crack but you can keep selling the rallies.

Increased expectations of a rate cut next week from the BOE as MPC member Weale turns from hawk to dove.