GBP likely to under-perform across the board

The GBP looks to have put in a top for now against the AUD and the EUR and if it’s starting to struggle on the crosses then Cable will also struggle to rally too much.

• I think EUR/GBP is starting to look very bullish with a strong base in place at .8155/60, so buying dips definitely preferred in the short-term;
• GBP/AUD should gradually move towards 1.80 whilst current sentiment prevails, so sell rallies the play here;
• Cable, I’d look to play a very wide 1.6450/1.6850 type range with a modest bullish bias (as I expect the USD to under-perform also).