Cable has seen active trade so far today. An early strong rally was then followed by a brutal sell-off and subsequent steadying, presently the pairing around 1.7395. Sources report some interesting talk in the market which may help explain the action. A U.S. bank is said to have been aggressively buying sterling early, apparently to get an option interest at .7700 in EUR/GBP in the money which they managed. Talk then has it that the same U.S. bank issued a cable sell recommendation to its clients, which we can’t substantiate at present. Interesting stuff and maybe helps explain some of the activity.