The recent performance of the GBP is worrying bulls like myself and it has been showing some excessive weakness on the crosses, especially against the CHF. I’m still running a small long GBP/JPY position but I’m close to cutting it and reassessing and I’ve also reduced my cable longs again, back to the small core. The retail trade data this morning was very poor indeed and if the market gets overly bearish on the sterling, then we may be in for a quick run. As the old saying goes, it’s never to late to sell sterling.
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