Cable down at 1.5520 having been as low as 1.5511 after stops tripped through 1.5530. Can’t put finger on any new fundamental reason for surge in selling. GBP/CHF has taken another marked leg lower, so whether yesterdays reported M&A flows still going through? Could be, but I can’t really confirm. GBP/CHF cross down at 1.5575 from early 1.5680.
Am hearing large Swiss name seen buying EUR/GBP aggressively this morning though. That cross is up at .8430 from early .8400.
UPDATE: Just read Reuters piece. They say European real money accounts been buying EUR/GBP this morning.
Back with cable, stops now seen through 1.5480 and more through 1.5440.