GBP

Entered GBPJPY long @131.21 and EURGBP long
I think the expected bull trap is close to be ready.

Not a pretty face, but worth listening to:
http://www.bbc.co.uk/blogs/thereporters/robertpeston/2010/06/no_more_money.html

(The BBC3 programme he refers to has gone out, but can be caught for those in the UK on iPlayer).

http://www.morganstanley.com/views/gef/archive/2010/20100119-Tue.html

Morgan Stanley: Get Ready To Bottom Pick European Stocks


In their latest Strategy Forum, Morgan Stanley shows how European stock valuations are now lower then their 2003 trough. At the same time, the VIX, an (imperfect) inverse-indicator of sentiment is near past peak-levels.
Morgan Stanley's Graham Secker:
The 12-month forward P/E in Europe is now below 10X, much lower than the 16-17X reached in 1998 and compared with the long-run average of 14X. The trailing dividend yield is now 3.5%, compared with the 3.3% yield on a euro-weighted government bond. In terms of sentiment, the recent spike in the VIX was exactly what we saw in 1998. The AAII reading was recently at -21, versus the -22 trough n 1998. The put/call ratio recently peaked at 1.5, higher than the 1.3 reached in 1998.
...
The issue for us right now is that many key leading indicators are still at very high levels, meaning that the equity correction has happened sooner than in past cycles. Thus, markets may struggle in coming months as these indicators do begin to roll over. Then, once we start to get more clarity that the global economic recovery is actually sustainable, we would expect markets to rally quite hard.

Mr. Ashraf , when do you think cable will hi 1.4000 ..... is it this week . i have sold cable on 1.4493 and i put my goal 1.4000