The market failed marginally to re-test the 1.4780 low but there is nonetheless the possibility of a double bottom now forming at 1.4780. Whatever happened to all the big prospective M&A flows, we haven’t heard much about them recently. My understanding is that the market is still quite short cable so we may get a short-covering rally here also. GBP/AUD is another pair also trying to put in a double bottom.