The heat has slowly been turned up

Sometimes a currency moves all at once, other times you see it slowly sink and then it's suddenly down 225 pips.

Cable today is like a lobster in the pot. It's happily bobbing around but the temperature slowly rises and suddenly it's cooked.

It's fallen in 10 of the past 13 hours but hasn't declined more than 45 pips in any of them. The worst stretch has been the last hour on reports that Philip Hammond has given up the dream of controlling immigration from the EU and having full access to the single market.

The EU's Tusk is now on the wires and he says that Theresa May told him that Article 50 will likely be triggered in January or February.

The 1.3000 level is the next one to watch. We've only had two weekly closes below it since the Brexit vote.