Just over a year ago we broke out of the bottom of the channel and now we're getting the all the signals which tell us we may well break out of the top, with the GBP being incredibly cheap at the moment it has great potential to continue to strengthen and burst out the top of this long term channel, as soon as we break out we will be looking for 1.35 and after that we could be heading back for 1.4 longer term. Mainly due to the GBP being very cheap I do believe it will continue to strengthen, however, should we fail to break out of the long term channel there is the potential for another deep drop down.