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The GBPUSD peaked at 1.5266 on 26 March, against our breakeven of 1.5110, a very good 156bps unrealized trading profit.

However, the spot rate has since trended back downwards to the current level of 1.5147, a miserable 37bps unrealized trading profit.

Our mistake was not closing the position by selling the option earlier.  Nonetheless, we still have time before the option expires.

I believe the GBP will benefit somewhat from the mess and chaos in the Eurozone.  Let’s see.

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