Cable falls to test the low from April last year ...Middle East

As such, a crack of the April low this time around will have more oomph in driving further downside pressure in the pair.

As Adam pointed out here, the selloff in gilts is a key factor in play right now as well. That doesn't bode well for sterling's fortunes at the moment and more so when you couple it with the technical playbook above.

Even EUR/GBP has reversed a break under the pivotal 0.8300 mark to trade to 0.8380 now today. That's a major blow for sterling bulls to start the new year.

This article was written by Justin Low at www.forexlive.com.

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