$GBPUSD +0.8% today — what's driving it?

Seems like a strong reaction to the latest inflation data out of the UK. I'm not in this pair, but watching to see if it holds above 1.34.

Good move, but it's important to consider if this is just short covering after recent declines, or if there's a fundamental shift. I'm waiting for more confirmation before considering a position.

Looks like a classic short squeeze on dollar weakness. Anyone still holding shorts from earlier this late in the day is going to get wrecked.