In what looks and smells like a combination of a margin call and an algo stop-run, cable just exploded through 1.28 and 1.29 in seconds only to quickly fade back on massive volume...

Spot FX...

 

Sterling Futures show the surge in volume...

 

That's what happens when you have a record speculative net short position...

 

Which hammered the dollar to 3-week lows...