No news behind the move
Traders are dumping cable shorts ahead of the weekend.
Margins are going up for a many broker next week and traders might be getting forced out. It jumped 40 pips in a couple minutes to cap a 180 pip rally.
The thing about GBP trading right now is that no one will fight a move. There's no liquidity and bank desks are on the sidelines.
The squeeze came on the break of the June 6 low, which had morphed into resistance from support. Yesterday looks like a capitulation bottom.
