Cable is currently trading within a quarter-cent of 1.9550, as it consolidates three-and-a-half cent+ losses from last Tuesday's 15-year high of 1.9917. 17-day lows just shy of 1.9550 were plumbed late in the London morning, despite the 11:00GMT disclosure that January's CBI retail sales balance came in double its forecast level at a 25-month high of +30.
Some stops are touted below 1.9550, with bids flagged at 1.9540. Further demand is noted at 1.9520/25, with additional stops pegged under 1.9510 and 1.9500. The 1.9510 level is a 61.8% Fibo retracement point of the ascent from 1.9260 (Jan 8 low) to 1.9917 (last Tuesday's 15-year high). 1.9450 and 1.9430 are among slated bear targets south of 1.9500. GBP/USD resistance levels include 1.9600 and 1.9617 (today's Asian session top).
US hedge fund selling was seen pre-1.9600 during the European morning. M&A-wise: UK life assurer Prudential is selling its online bank Egg to Citigroup for GBP 575mn cash (FT website).
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