Sterling falls more than 100 pips on the news of theresa may heading back to Brussels for the brexit deal.
Sterling was trading at 1.2725$ before the news and now trading at 1.2610$ , a level not seen since June 2017.
Next support for cable lies at 1.2560$ while resistance lies at 1.2640$
Volatility surges ahead of the vote on brexit deal. Take care and you better avoid trading any GBP pairs today
The pair broke below the rising trendline in red as shown in the chart below. It is also trading below 200 hour moving average. There is horizontal resistance at 1.2980$ area followed by 1.3080$ area. Being Short is favorable with stop loss above 1.3080$. Target should be around 1.2640$ , you can book some profits at 1.2780$.