I luckily covered 2/5 of my short cable position on Wednesday at good levels, greatly improving my average, and I’m buying a further 1/5 here this morning at 1.6485. The thing that worries me most is the strength that sterling is showing on the crosses; EUR/GBP rejected .8700 quite emphatically and GBP/JPY has rallied strongly with China an active participant. My confidence level is greatly reduced and I’m reducing my position accordingly. If sterling starts to show renewed weakness then I will start ramping the position again but another break now above 1.6585 will see me exiting the trade basically break-even which isn’t a bad result- no money wasted, just time.