The unbelievable weakness in the pound, egged along by official indifference from the BOE, has helped send EUR/GBP to its highest levels in history (Euro history, that is, just under 10 years). We are closing in on 0.8600 where a barrier option is rumored. Options market makers have been badly caught long pounds and are dumping them as fast as they can. Large 1.4500 barriers are a focus in cable. The options market will find itself longer pounds if that level breaks.