New £50 note but it’s the same old story for GBP

Cable struggles to start the week

The pound is under pressure once again today and is the G10 laggard. EUR/GBP is fighting to get back above 0.9000 while cable is nearing 1.2500.

The Bank of England revealed earlier today that Alan Turing will feature on the next series of £50 notes. But £50 isn’t worth what it used to be.

Cable tried to push to the upside earlier and hit 1.2582 but reversed down to 1.2524 and is just off the lows. The pound had been on a three-day winning streak coming into the day but that’s in the course of a longer-term slide.

GBPUSD chart

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