GBP/USD - 1.5038.. Sterling bears were badly bruised (ourselves included) after y'day's intra-day selloff fm 1.5109 (AUS) to 1.5025 was later followed by a ferocious rally (due to cross-buying of sterling vs eur & yen) back to 1.5136 in NY. The pound has traded narrowly in Asia as traders have not shown much interest to move cable in either direction. As this week's short squeeze looks done, one can sell cable on recovery for re-test of y'day's 1.5006 low n lower later. Order book is thin but a move back to 1.5070/80 shud attract sellers to hit the sell button.
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