Looks like more month-end demand for the pair 27 March
I warn every month-end about the Bundesbank needing to buy a substantial amount of EURGBPO for the UK's contribution for EU membership and yesterday was no exception.
Seems that they're back in this morning judging by the spike to 0.8775 from 0.8755. More offers/res around 0.8780-85 to chew through if we are to make further progress.
The move has once again driven cable lower as we saw yesterday too and now 1.4208 from 1.4233. Demand/support around 1.4200 should hold for the moment though.
Update 07.44 GMT: EURGBP now posting 0.8785 pushing GBPUSD down to 1.4191
