Just can’t hold rallies above 1.4500 at the present time. We’re back at 1.4450. In the back of my mind I keep remembering Thursdays huge 1.4400 option expiry, said to be upwards of 3 bln sterling. As I’ve mentioned there’s a large hedge fund out there with an interest in keeping cable below said level into the May 20 New York cut.
EDIT: I wrote this two hours ago just before we went down and don’t have to change a word. Coolbeans.
