Archived IMT (2009.09.24)

GBP SELLING REMAINS PATH OF LEAST RESISTANCE, regardless of risk appetite. Our $1.6150 target (see twitter updates) has now been hit for a 150-pip move, especially as OIL INTENSIFIES decline (see last night's IMT). As of today, GBP 3-month LIBOR -20% from Sep 1st vs. -9%, -7% and -13% for EUR, JPY and USD respectively. A break below $1.6120, should retest 1.6040, while GBPJPYnow eyes 144.70 as the next key support.