Sterling is following the dollar. There is no UK print of its own today. Cable is trading the U.S. curve, not a Bank of England decision.
Reading sterling on its own as British risk trades the wrong cause. The desk hangs the pair on the same front end as EUR/USD, with the caveat of its own liquidity.
No target rate. The note only says which calendar explains the day.
What the desk is watching
- No UK print of its own
- Cable follows the U.S. curve
- Do not read it as standalone UK risk