We wrote lots in the last few weeks about a major player who had been soaking up EUR/GBP on every dip into the low .85s and now I’m hearing that the same player is looking to sell around .8860. My technical analysis earlier in the week (I’ll refresh in the next little while) suggested that the target for this leg of the upmove was .8815/35 and with the overnight high at .8840, my analysis is potentially vindicated. I stick with my view that a short-term top will form close to current levels and that we see a retracement back towards the low .87s before the next leg higher.