Sudden spike in cable sees it move to a high of 1.3270 on the day
I'm not seeing this as anything news-related so far, but I'll search further to see if there's anything to have caused it. But from a technical perspective, the bounce comes after a test of the 23.6 retracement level from yesterday's pop lower following Boris Johnson's resignation.
Doesn't look like it's anything on the wires to have caused the move, but we have UK data coming up later at 0830 GMT and there's a slight hint of positioning ahead of the data possibly with the market hopeful that positive data will help add further conviction that the BOE will raise rates in August.
I don't see much else to have caused the move higher here, but whether or not it will be sustainable depends on the data release later. For now, the double-top near the 50.0 retracement level @ 1.3271 should hold the pair back for a while.
