Last weeks pound selling spree continued during Friday's sessions the US open volume made an attempt to make an initial break on the upside but felled short i am expecting a retracement on the upside .A heavy buying action session this week could cause a short term change in the trend direction. GBPJPY,GBPUSD and because of its correlation slip USDJPY also will be my main cover positions this week and the top three pairs in my hotlist . If you have exposure in these pairs i would highly recommend to be on the look out to cover using their correlation relationships.