The pound has tobogganed downhill in the past hour in an otherwise whisper-quiet market.
GBP/USD has fallen to 1.6020 from 1.6135 — more than a full cent. I assume the decline is the result of an ill-timed flow, since the newswires are quiet.
If you’re trading on Christmas the non-nonsensical move might be a gift (if you can get a fill). There is support at 1.6000 and moves in ultra-thin markets tend to reverse. There also appear to be some arbitrage opportunities with the drop entirely confined to GBP/USD.
