The European elections did not go well for Gordon Brown’s Labour party but you are going to have to make your own mind up as to whether this is good or bad for the pound, as I’m not too sure. Cable has topped out at 1.66 and falls back towards 1.50 look on the cards but the uptrend recovery is still strong and if the market senses that a change of government may be on the cards in the UK, then that might be a signal for another sterling rally.