Cable re-entering 8BF wide down channel - follow up

Cable set to be falling back in to the well established, 8BF wide, down channel. It is currently negotiation the mid way point on the hourly Pitchfork. If this snaps, follow through to the 1.1760 low may happen very quickly.Meanwhile, 12 months cable fx swap moved -7bp today to +45bp, moving towards discount as forward selling of Sterling appears to be overwhelming.

Remember, it is not a risk-off day benefiting the US$ and the latest 45bps rise in Sterling rates across the curve since yesterday CPI is offering no support whatsoever to the currency.

Ominous price action