Rumors swirled earlier today of a large German bank having sold a yard of EUR/GBP. Traders say another wave has come through the market with some pinning the move on hedging by a UK corporate.
Cable is in the mid 1.5820s, working through sell orders into strength while EUR/USD has dipped back to important support in the 1.48-teens. Look for stop-loss sell orders around 1.4810. EUR/GBP is down to 0.9365 from 0.9412 highs.
