  In this paper we discuss the luminosity modulations and spectral analysis
results of the recent deep observations of XMMU 122939.7+075333, the first
black hole discovered in a globular cluster. The source has been detected many
times, typically with L$_X$ > 10$^{39}$ erg s$^{-1}$, but in a 2010 observation
had faded to L$_X$ ~ 10$^{38}$ erg s$^{-1}$. In our 2011 observations, it has
rebrightened to L$_X$ ~ 2x10$^{39}$ erg s$^{-1}$. This significant increase in
luminosity over a a relatively short time period is not consistent with the
idea that the long term flux modulations displayed by XMMU 122939.7+075333 are
caused by the Kozai mechanism alone as had previously been suggested. Instead,
given that the source shows "spiky" behaviour in its light curve, it seems
likely that the faintness in 2010 was a result of a short observation that did
not catch any bright epochs. We also find that when the source is brighter than
average, it has an excess of soft ($<$0.7 keV) photons. The spectral analysis
reveals strong, albeit model-dependent, evidence of emission from highly
ionised oxygen (O VIII) when the source is brighter than average.
