It's been a good session for the pound 1 Dec
Driven mainly by GBPJPY demand over the past few sessions ( quite possibly a reversal of a large hedge-fund position but unconfirmed as yet) we've now seen the pair break up through decent resistance at 144.00 to post 144.60 in a rush.
That move along with EURGBP supply down to 0.8400 as EURUSD gets capped by large 1.0600 option expiry impact has sent GBPUSD up through 1.2600, triggering stops and posting 1.2650 in a rush.
Caution advised but I've been patient and re-entered into some small cable shorts up here, if only to get a fuller feeling of the power of this move higher. Can always tell in the pit of your stomach whether positions are wrong or not. Any lack of retreat back below 1.2620-30 will tell me its poised for another leg higher as we've seen in the price action over the past session and indeed earlier this morning.
If this is a concerted change in GBP sentiment, and illustrated by GBPJPY reversals, then we may have to re-think but I don't think that time is just yet.