It was during the London session earlier in the week when Gerry reported on the big stoush between Middle East Sovereigns on the bid and hedge funds on the offer. The amounts were very large and even though China was also reportedly selling, the ME buyers came out on top. I’m therefore thinking that the retracement of 1.1010 may have come to a temporary halt around 1.0450 and we may see another gradual drift higher over the coming weeks. I’m picking a 1.05/1.09 range for next few weeks with a short-term buy-dips bias but a medium term bias to sell into extreme strength.