Cable Continues to Gain in Anticipation of Deputy Governor Broadbent Tonight

Deputy Governor Broadbent Speaking Tonight

It's not until later on during the US session, but it seems the market has the impression that Bank of England deputy governor Broadbent's speech is going to be on the hawkish side and therefore GBP positive.

Take a look at that Cable rip after bouncing out of support on Friday:

Markets are currently pricing in a more than 80% chance that the MPC will hike rates on August the 2nd.

With a hike almost fully priced in, this is where the human psych aspect that I really love about trading forex, comes to the fore.

If it's fully priced in and Cable has overcooked, then even on a hike you're going to get a pullback. So it now becomes how overcooked is the pricing in?

This is a huge discussion point driven entirely by opinions. What's yours?