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Wednesday, 30 January 2013

Bought gbpjpy 0.5m at143.638

Sell off in gbp is probably a bit overdone now ? The drop in q4 GDP from North Sea maintenance will be reversed in q1, and short gbp feels a bit crowded. Also with a presumably dovish fomc coming up, cable looks vulnerable to a squeeze. Taking the opportunity to edge back into a gbpjpy long then.

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