GBP/USD a half-cent higher

Cable is accelerating higher as it consolidates after three straight days of selling. The gain comes despite soft CBI retail sales data earlier today. The index fell to 29 from 51.

The pound is among the best performers in the FX market today, trailing on AUD and NZD.

Technically, the latest bounce in cable comes well-ahead of the 38.2% retracement of the June rally. There is some minor resistance at 1.5769 and 1.5800.

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