To say I’m an unhappy chappy would be an understatement this morning, with the long-awaited purge of long positions seemingly getting underway (after I stopped myself out). Trailing stops were triggered below 111.50 in ultra-thin markets, sending this pair 80 pips lower in double-quick time. The comments from the Greek FinMin may have set the wheels in motion but its the trailing stops which are having the real effect.