Cable climbed 40 pips in a minute

Flows and technicals were behind the jump in cable to 1.2984 from 1.2944 a short time ago. The pair climbed through some recent highs and hit stops on the way. There is talk the move started in GBP/JPY and spread.

Today's earlier high and yesterday's late high had formed a minor double top and a break above kicked things off. The squeeze continued through the July 4 high and beyond.

Liquidity is beginning to thin out in the FX market and we'll see more moves like this until September.