Yesterday saw a sharp rise in the pound and even this bear was not going to be tempted to rush in to sell

I gave fair warning that events/price action were conspiring to extend GBP gains and that ultimately there was a lot of cable congestion between 1.5500-30 on the order-board supporting the technicals

I first expressed my concerns immediately after the data release with this post, then added to that caution by previewing the testimony from Carney & Co to the TSC here

I hope that some of you heeded my advice and either got long or kept your powder dry for better levels

I'm still cautious here even though the 1.5530 line in the sand has held so far, and will not be rushing in to trade again just yet or indeed ahead of the FOMC later. It's just too much of a lottery.

Sometimes patience can be a virtue and sitting on your hands the best action you can take.Yesterday proved that in emphatic style.