After breaking below the 1.5765 support area, the Cable stretched to a 4-day low of 1.5735 before bouncing slightly. At time of writing, GBP/USD is quoting around 1.5750, recording a 0.4% loss on the day.

From a technical view, "immediate risk is seen on loss of 1.5730/00 support zone that would allow for deeper reversal of short-term 1.5233/1.5926 ascend and focus 1.5689/65, 90 day SMA / Fib 38.2% next", says Slobodan Drvenica, analyst at Windsor Brokers Ltd. "Broken hourly H&S neckline at 1.5790, offers initial resistance, ahead of today's high and bear-trendline at 1.5850, expected to cap for now".