Bank of America Merrill Lynch has been a consistent bearish on GBP/USD as of late seeing it very vulnerable to a broad bullish USD turn over the coming days. "The US Dollar Index basing argument remains intact, despite failing at pivotal 82.41 resistance. Given this backdrop, the recent gains in Cable (from the 1.5201 lows of Aug-01) should be seen as corrective and temporary, before the larger downtrend resumes," BofA projects. In line with this view, BofA pulled the trigger today on a short tactical GBP/USD position at market (1.5355) with a stop at 1.5440, and a target at 1.4783. "As such, we recommend going ... (full story)