Hi there, as you know we have two Global Macro books in our weekly Cross-Asset "Macro Monday" call, a Tactical & Strategic set of books (TB & SB).
We have had a long Cable trade view (entry 1.2750) from Fri Jun 9 that was published here:
Sterling's bearish tide presents opportunity for GBPUSDhttps://www.tradingfloor.com/posts/long-cable-against-the-consensus-sterling-bearish-tide-8721264
Just flagging that we had the similar trade in the TB, albeit at less risk (1% instead of 2%) & narrower lvls (shorter time-frame).
Early days, but we just took out the first profit target from the Tactical Leg at 1.2938. This is a c. +1.5% of profit on this leg of the trade, that’s add +0.33% (c. +USD 33,000) to the overall port. performance.
These would leave the TB with 50% of the position targeting 1.3038 for the remaining clip.
Early days - yet interesting to note trend, as well as lack of shorts in sterling compared to the record levels post eh Brexit vote & early on this year.