It may possible they are actively intervening at this point.
1.20 is the floor so buying now offer a great risk/reward opportunity. Unlikely to come again for a while.
On the technical side, each lower platau of the 20 day MA is met with a higher and price spike afterwards.
The probability of profiting is such a shoe-in that your broker does not want you to buy in. That's why the overnight premium is unfairly high and the spread is high too.