Royal Bank of Scotland - "On December 14th, we suggested selling GBP/USD as a Top 2013 Trade. Following a steady decline during 2013, GBP/USD has reached our 1.5050 target. Including carry, the position has realised a P/L of 6.6%.
With GBP fundamentals having deteriorated further, we recommended rolling the position. We now target a move down to the 2010 lows of 1.4239, with a 1.5390 take-profit stop. Spot ref 1.5036."