Paul !
How you be brother
I was stopped out on a cable short @ 6035 early this morning, prior to sterling tanking after the awful data - which implies, on a macro level, the currency has much further to fall before it reaches an equilibrium that is more in keeping with the new economic reality facing the UK ie) at a rate that helps facilitate the much-needed rebalancing. The widening of the UK's current account deficit also screams of the importance that the economy improves its trade deficit, in order to support the struggling capital account.
The loss suffered this morning is part of the game and there was no way I'd move my stop or chase the market. My bias remains short, meaning I am patiently awaiting opportunities, possibly below the 1.5760/5800 area of support. When I move, it will be decisively, fully accepting the inherent risks present.
Cable retains a degree of support from the dollar remaining so offered across the board, due to the attention the following story has attracted.
http://www.independent.co.uk/news/bu...r-1798175.html
