Yesterdays attempts to move GBP lower ran out of steam at 1.4190 failing to trigger reported stop loss orders below that level. Some spec buyingseen from those lows leaves the market positioned slightly long at present looking for a retest of recent highs at 1.4290. Todays Asian session session has seen a failure to move above yesterdays peak of 1.4250/60, however, and with the CBI distributive trades survey due shortly, the short term risk could be for a further dip to test 1.4190 support. At the moment the initial 1.4220 support is holding, but with firmer data again from the US yesterday, the downside looks at risk. A futher factor at present is that M&A flows are negative for GBP, though a number of these deals have yet to be confirmed.