GBP Update

“Without numbers, there are no odds and no probabilities; without odds and probabilities, the only way to deal with risk is to appeal to the gods and the fates. Without numbers, risk is wholly a matter of gut.” – Peter L. Bernstein

No change in outlook for Cable following the basing pattern in the 1.20s and the political stalemate. Clearly, there is still a lot of headline risk in the market but as we stand, as long as we do not get any substantial developments, 1.28s remain out primary target with 1.32s in extension. We would be in close-only mode and not adding, simply managing our exits. We will start to discuss our views for q4 next week.
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