The British pound has broken out against the US dollar and now we’re in a new regime. I think we will probably go looking to the 1.37 level given enough time after the action this week. We’ll just have to wait and see how that plays out. Clearly, traders think that the Bank of England is going to stay tight for longer than originally anticipated and that should reflect a higher valued British pound.

Short-term pullbacks, I’ll be looking to see if there’s support near the 1.3550 level, although we’ve sliced through it enough times that may not be the case going forward. Ultimately, this is a market that continues, I think, to look to the upside.