Huge cable bid hits thin market, pound jumps
Looks like someone just realized they needed to fill a large cable order before month end. GBP/USD up to 1.6595 from 1.6568 in seconds. Huge move in a thin market on no news? If you’re around on a Friday, that’s the kind of thing you might want to fade. Last week ahead of the close we had some bizarre moves on Draghi’s late-day comments then the market gapped lower at the open. I’m looking for some reason to explain the cable jump (perhaps something from Carney in the weekend papers) but I haven’t found anything.