Sterling retains a soft undertone but the pattern of trade here does look – potentially – a little more constructive. 

GBP losses are slowing near 1.28 and the intraday charts are clearly showing signs of interest in picking up Cable ahead of the figure area today – and late last week.

Minor resistance is 1.2900/10. Gains back through here on the day would be modestly positive at least and help stop the rot of the past week’s steady losses.