Rate usually tracking GBP lower but unable to extend losses despite good selling. Russians and Swiss names buying on the dip; inside range day suggests rate is near a bottom. Model accounts selling in EURO and GBP traders say suggesting that the rate is vulnerable to a short squeeze.

Market is heavily short now so expect a rally. Larger names buying traders say. Likely the rate has flushed all longs. Macro accounts seen selling on the break Friday. Aggressive traders can buy this dip for a return to resistance although we were stopped out of first attempt at a long.

Rate continues to track Cable and vice-versa. Now that stops are cleared a rotation higher is coming. US data this week likely to be unfriendly so be ready for whipsaw.

Rate falls hard on dovish BOE report; highs ahead of there at 1.9038 suggesting bid interest was there but was panicked. Rate on two-year lows and is an excellent buy in my view.

Despite the lack of serious fundamental news the USD whipsawed today taking out stops on both sides today. Initially weaker overnight the Greenback rallied a bit on follow-through buying but ran into ample supply as Yen-crosses dominated trade forcing USD longs to take a breather for a bit. After US data was out the USD rallied against the Yen breaking into stops above the 109.30 area for a high print at 109.75 before dropping back. Most of the USD pairs rallied with the Yen but once stocks declined and oil rallied a bit the luster wore off the Greenback and the majors began to recover.