I’ve had a good feel for the GBP in recent months and I’m getting the feeling again that we may soon see another sharp spike higher. There were well reported stops in cable and EUR/GBP but the market seems just about able to muster enough momentum to trigger the stops and then no more.
Obviously it’s a dangerous time to be taking positions just ahead of the Fed but I did manage to get out of most of my longs at 1.6410 so I’m comfortable increasing at current levels near 1.6265 with a stop below 1.6200.