The GBP is lower across the board today, in fact it is really the only currency that’s moving much at all. Its almost 150 pips lower against the USD and 70 pips lower against the EUR, big moves for this timezone. The selling was started off by stops in the cable below 1.4475 and there has been no appreciable bounce since. Some speculation that its the confusing banking and hedge fund reforms which are driving the selling. I would think that the Tory government is likely to push any reforms back as far as possible so it’s more likely to be flows driving the pound lower.