The GBP is looking stronger on the crosses after yesterday’s strong (and leaked) PMI data. EUR/GBP is edging back towards it’s important pivot at .8600 and GBP/AUD made fresh highs above 1.7250. It’s by no means a completely bullish picture on the crosses, with GBP/JPY still being capped below 151.50 (which is where macro funds were noted sellers last week).
Nevertheless I remain very bullish on cable and have taken a very small long position at 1.5350. My last attempt at building a long position ended in tears, lets hope for better luck this time.