Traders report one-sided flows today in GBP/NOK, GBP/BRL and another of GBP/Asia pairs as hedge funds liquidate carry trades after an unexpected reversal of fortune for the pound this week. It is interesting that the move came in isolation with no spillover impact into a stronger dollar versus similar dollar pairs (or only modest spillover), but it holds out hope for dollar bulls that a correction could unfold any time.
Short-term traders continue to key off 1.4840/45 as a catalyst for a deeper correction with downside targets in the mid-1.46s targeted on a pullback.
