Down goes the Pound, Supp at 1.2884 – 1.2862

The quid has been offered after the UK services PMI number heightened fears of a sharp slowdown in the second quarter. Cable is not fast approaching trend line support at 1.2884. 50-DMA is positioned at 1.2873. 10-DMA stands at 1.2864 and 1.2862 is the 38.2% Fibo retracement of the rally from 1.2589 to 1.3031.

An end of the day close below 1.2862 would also push the RSI below 50.00, adding to the bearish consensus.

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