Soft US data lifts GBP/USD
The US dollar took a broad hit after a weak services PMI report. Cable, in particular, took advantage as it busted stops at yesterday's high of 1.3165 in a quick 30 pip rally.
Late yesterday the FT reported that the BOE's Weale had dropped his opposition to August stimulus and that sent GBP lower. But the question is more about how much the BOE will do next month rather than whether or not they will act.
GBP recovered and BBA mortgage/lending data may have also helped it climb. Options expiries at the top of the hour could also be part of the equation.