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Rate has now erased all the losses from the...>

CABLE
CABLE: Rate has now erased all the losses from the 1105GMT spike lower and now
looks to make a test on session highs of $1.3995. To recap: at 1105GMT and
1106GMT, volume surged in GBP/USD futures, amounting to contracts worth over
GBP500mln being traded in around 90 seconds (only via the CME). Some individual
trades of size up to GBP2mln were seen crossing the screens as the rate fell,
but the recovery in GBP/USD indicates the orders were flow and possibly
mis-sized algo order driven rather than anything external.

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