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We were given another opportunity to square off the option on April 2nd and we took it.

We sold the call option at the spot of 1.5240, against our breakeven of 1.5110, we realized a trading profit of 130bps or a 0.85% absolute gain.

We will stay sidelines till we get a better feel through our analysis, just where the GBP will be heading.

For now, the Daily Chart; is showing further weakness in the GBP with trend trading below a declining cloud.  The lowest level in 2012 was 1.5352, in 2011 it was 1.5467 and in 2010, it was 1.5085, so the current spot of 1.5086 is incredibly low for the GBP, however, technical analysis does not show that there is a base.

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