That would explain the quick spike in cable from 1.1235 to 1.1297 in the past few minutes:
The move is quickly being faded though, with broad dollar strength still largely staying the course. GBP/USD is now down to 1.1250-60 levels again.
The fact that a U-turn is coming isn't really new news, but the timing so far has been relatively uncertain. However, recent headlines and rumours are suggesting that an announcement could be made some time later today as noted here.
