Most of the signals coming from the BOE over the last few days have been pointing to the fact that the MPC has taken a hawkish turn due to an over-heating property market.
I’m also hearing that there are some very large short positions being built up ahead of 1.70, after the renewed failure there a few days ago.
I had been running a small short position but I’ve cut it for a tiny profit. We may get some good trading opportunities in the GBP later today and I want to have a clean and objective approach if it does start moving.