Cable price action turned choppy around 1.5500 after it ran in to offers from the 1.5535 area. Profit take orders were tipped at the highs ahead of the 200-day moving average at 1.5553, while there is some evidence of option type names selling in to strength amid a large size 1.5500 strike rolling off today. Cable pulled back in to 1.5495 before buyers came after the CBI. The U.K. CBI manufacturing order book showed -56 in May versus -57 in April, while export orders slumped to -46 from -34, which was not as good as hoped, but output expectations were the highest since September 2008 at -17 and highlights the improving U.K. sentiment.
