GBPUSD 15 mins 2

The latest leg higher in GBP/USD doesn't have a clear backing in cross-asset moves or fundamentals. Cable fell to 1.1965 at the lows at the start of US trading but it's rallied all the way to 1.2040 and unchanged on the day.

There's some scope for dollar selling as yields fall and the Fed funds curve inches down but there isn't any broad selling.

On the GBP side, CBI business optimism improved today but that's not exactly a market mover.

Keep a close eye for some give-back after the top of the hour.