Shortly after 0826ET, with Cable trading at 1.2400, ‘someone’ decided to back up the truck and buy Sterling with bond hands and feet, spiking the pair to 1.2499 (to the tick) in spot (and over 1.25 in futures). Given the total lack of catalyst for the move, one veteran FX trader exclaimed “what the fuck was that” though noted his lack of surprise at the move in the current chaotic environment.
As Bloomberg reports, heavy barrier option presence at 1.2500 remain untriggered…
Chatter that GBPJPY was the driver of the move…
Futures show the sudden heavy volume…
via http://ift.tt/2fxrFVz Tyler Durden