DislikedHere is a bit of comment from dailyfx site. Sooner or later, cable has to crash. The fundamentals don't support this massive run up.
Meanwhile despite euro’s lackluster trade, the pound continued to show strength against the dollar. The pound’s relentless rise was supported by speculation that BoE will hike rates to 6% once again in August and the unit broke above the 2.0650 level on momentum buying. By midday London trade however, the unit retraced much of the overnight gains as the CBI Industrial trends survey printed at -6 far worse than the month prior, recording its first negative reading since January. The survey was dragged down by a sudden fall off in export orders, indicating that just as in the case of the EZ the higher value of the currency is beginning to impact the competitiveness of the UK industrial sector. The sour results in the CBI report and last night’s smaller than expected rise in house price growth may be early indications of a broader slowdown in the UK economy. For the time being the market is ignoring any potential implications of this news, driving cable higher on momentum alone. However, if future data points continue to confirm this thesis, bullish sentiment can quickly turn and sterling could face a multi-hundred point correction in the coming weeks.Ignored
thanks for this info bhale. glad somebody is contributing to this thread instead of just showing off.