Reading a lot of Bank reports this morning - note all were talking of selling cable ahead of 1.30 the last few days but have now all flipped and are calling for a run to 1.33/1.35 type levels. This may well be proven prescient but this market has a habit of squeezing when everyone positions the same way. It was exactly the same the day after EURUSD broke 1.15, with all the banks calling for it higher. It feels like we need a squeeze in cable down to 1.2950/70 to flush out all the 'we are going to 1.35' brigade that have emerged this morning.

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