Cable has pushed its recovery envelope from earlier five-week lows circa 1.9400 to highs around 1.9435 ahead of the imminent 10:30GMT disclosure of December's UK GfK consumer confidence gauge. The recovery has been driven by December's better-than-expected UK service sector PMI.
Stops below 1.9435 (Dec 18 low) were tripped prior to that data release. Loss consolidation from yesterday's high of 1.9752 is the big-picture GBP/USD story. Long liquidation has played a prime role in sterling's slump. The GfK confidence gauge is forecast to improve to minus 6, from minus 7 in November.
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