When Only The Machines Are Stirring - GBP Goes Bidless
UPDATE: GBP -160pips now
It seems that while all the good boys and girls of the world are opening gifts and starting to drink heavily on this festive day, something is afoot in the GBPUSD FX pair. With not a creature stirring apart from a few algos, the transatlantic cross has gone steadily bidless - now down 90 pips in a well coordinated dribble-down algo battering.
Of course, it isn't like there are hundreds of billions in trade terms relying on an accurate, credible depiction of what this currency pair's true, algo-free value is, so don't expect anyone to actually lift a finger to explain what just happened.
Merry Cliffmas, signed Johhny 5