Bank of England pricing hasn't shifted in the past 24 hours but there's a big bid in the pound. The models I've seen show USD buying and CAD selling into month end but we're only seeing GBP and EUR buying at the moment.
Cable is now up 127 pips on the day to 1.1017 and is up 700 pips from this week's low in wild trading.
There isn't much out there I can point to in order to explain the strong buying in GBP in the past four hours. It's going square against the tone in risk assets, which points to flows.
