Cable retraces higher after data dump

Author: Nick Bovell | Category: News

The pound is stronger following a beat and mostly higher revisions to industrial output figures.

Cable is up nearly 40 pips from lows.

The retracement comes after the pair has dropped over 300 pips since the Bank of England MPC meeting last week.

However the data is nothing significant and alone is unlikely to be enough to sustain a proper continuation higher, especially after the BOE's recent downgrading of forecasts.