It looks like we have one of those domino situations in the pound
Heavy buying in GBPJPY is being fingered for the knock-on moves in the other GBP pairs. Buying around 137.00 increased and off we went causing both 100 pip moves in cable and EURGBP.
Similarly, as noted a moment ago, that's helped USDJPY and EURJPY. All else remains largely unchanged outside of other GBP pairs.
A lack of liquidity is also being cited in FX in general right now. As far as I can see there's been no headline news for the move.
We'll have to see if this is maintained or whether we've just had some big orders go through and we'll see these moves fades over the next minutes or hours.
