Cable up 50 pips
Cable took a run at Friday’s high and then stalled early in the week.
The pound struggled in the final hours of trading on Friday as dollar shorts squared up. A similar thing happened to a number of dollar-crosses but the pound move was larger than most.
In terms of weekend news, there wasn’t anything out of the UK that was particularly notable for the pound. There were some protests in London but nothing that’s going to make a difference for GBP.
The FT has an interesting report that cites senior bankers and says the FCA is in talks with banks on extending credit card payment holidays for distressed consumers until October.