We present evidence for the existence of a spontaneous instability towards an orbital loop-current phase in a multiorbital Hubbard model for the CuO$_2$ planes in cuprates. Contrary to the previously proposed $theta_{II}$ phase with intra-unit cell currents, the identified instability is towards a staggered pattern of intertwined current loops. The orbitally resolved current pattern thereby shares its staggered character with the proposal of d-density wave order. The current pattern will cause a Fermi surface reconstruction and the opening of a pseudogap. We argue that the pseudogap phase with time-reversal symmetry breaking currents is susceptible to further phase transitions and therefore offers a route to account for axial incommensurate charge order and a polar Kerr effect in underdoped cuprates.
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