Citi warns of all-time cable low

Following a move of nearly 10% in GBP/USD, technical analysts say a test of an all-time low cannot be written off

dynamic explosion
Overnight implosion: the magnitude of the move shocked markets and caused widespread confusion

A test of an all-time low in sterling's exchange rate against the dollar is a possibility that cannot be written off, following the move in the currency overnight, Citi technical analysts warn in a research note.

The warning comes after cable fell by nearly 10% in Asian trading hours without any apparent drivers. The magnitude of the move shocked markets and caused widespread confusion as to how low the exchange rate had gone.

So far, the official low has not been determined, but Citi says it

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