It's been a slow grind but the pair now 106.97 on session highs 26 Feb
Stop me if you've heard this one before from me but, yep, there's some large option expiry interest at 107.00 today rolling off at the top of the hour as per my earlier posts.
Currently 106.97 we should expect a decent battle of the two sides for the next 20 minutes. Further rallies should be contained helped by current GBPJPY sell interest.
Remember these are vanilla options and in play right up until expiry even if breached in the meantime unlike barrier options which cease to be once broken.
For more info on how to use this all data, please refer to my post here.
Oh and by the way, anyone still thinking the cable collapse is purely USD demand should have a look at these among others.
EURGBP
GBPUSD
