As has been broadly discussed, GBP has........>

CABLE: As has been broadly discussed, GBP has become more data-centric in recent

weeks, owing to the change of tone/dovish leanings in recent BoE rhetoric, with

a clear focus on confidence in the post-General Election era. Wednesday revealed

a large rebound in the quarterly CBI biz optimism balance, from -44 in Q419 to

+23 in Q120. This leaves optimism at its highest level since '14. However, it is

worth noting that this just means that businesses are more optimistic now than

they were prior to the election. It doesn't show degrees of optimism per se, so

it may not be as positive as the increases in the numbers first appear.

Nonetheless, GBP was well bid on the release, and the outperformer on Weds among

G10.

- Friday's flash PMI surveys provide the obvious key data release, but the BoE

may be paying extra attention to its own internal models & surveys, with a

degree of added prudence owing to a desire to not be wrong-footed, given

previous criticism. GBP/USD last dealing little changed around $1.3140.

Immediate resistance located at $1.3153, yesterday's high, with any break likely

to see bulls focusing on $1.3212, the Jan 7 high.