It's been a one-way trade today
Last week's pessimism on global equities has turned into optimism as US covid cases look like they're close to a peak.
Cable has been a great tracker for the broad risk trade this summer and with the Nasdaq back to a record, it's no surprise to see the pair jumping.
It's now up 97 pips on the day to 1.3719 in what's been a one-way trade all day. This latest push could include some fixing demand but there's a broad bid in all risk trades (and some weakness in the dollar) so I'm not expecting any kind of imminent reversal.