Surely you've been in this situation? When you are under pressure to make time and you're stuck in a lane of frozen traffic.
Tempers are beginning to boil over, and soon lots of cars try to change lane to the free flowing traffic, passing by you on the inside.
For the past few weeks I have been stuck in traffic. I have been talking down Euro-Sterling at every opportunity. For most of this time, the traffic has been jammed solid.
Over the weekend, the sterling finally got into gear. The cross, gapped lower by a penny by Monday's open, on the back of events in Cyprus.
This happens a lot in FX. Sometimes you are just wrong, but before admitting defeat, you have to give your ideas a chance. The temptation to jump lane is huge, however this maneuver can double your frustration.
I am glad to see this trade developing. I continue to like the downside. A break beneath 0.8445 would target a further euro decline to 0.8250 and even 0.8150 very quickly.
Lets hope the traffic keeps moving.
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