Cable has slipped back, presently at 1.4300 having earlier posted a session high up around 1.4370. While retail sales were unexpectedly strong, there is the point mentioned earlier that they were bolstered by aggressive discounting in the January sales. It should also be noted that UK economic news in general continues to be pretty grotty, be it rising repossessions or slumping car production. All in all it’s not a pretty picture.