When a market wants to sell an asset, it will downplay positive data for that asset; vice versa, a market determined to push that asset price higher will downplay negative data for that asset.
Translated for the GBP context: if the market sees an opportunity to put capital into GBP-denominated assets, and push Cable higher, then it may use Brexit-related news to do so, or it may use BoE/MPC updates, or again UK Services PMI releases, or any other ‘spark’ to justify buying…
In the end, we, the retail traders, will never know what will move the markets next, nor do we have the power/funds to influence price… Therefore, I ignore Brexit and think that the next big market correction in equities will definitely happen this year, but as for the Pound, it is
anybody’s guess…