While the Pound saw some temporary support from marginally hawkish BOE developments, scheduleddata from the CBI overnight was at best mixed. In fact, some might suggest that the CBI November data hardlysignals forward progression in the UK, with the Industrial output result down 6 points, and industrial exportsimproved from last month, but still in contractionary territory. We don’t see a definitive reason to call for an end tothe downtrend in the Pound, unless there is a string of solid economic readings that in turn justifies an extendedconsolidation support formation around 1.56.
