The British pound came off vis-Ã -vis the U.S. dollar today as cable tested bids around the US$ 1.9845 level and was capped around the $1.9950 level. Technically, todayâ€™s intraday high was just above the 61.8% retracement of the move from $1.9170 to $2.1160. Data released in the U.K. today saw December total consumer lending expand ₤9.1 billion, upwardly revised from November and October. Also, December mortgage approvals fell to 73,000 to a multi-year low. Bank of England Governor King was reappointed to a five-year term and MPC member Sentance was also reappointed. A government survey reported U.K. inflation expectations jumped to 3.3% in January. Cable bids are cited around the US$ 1.9640/ 1.9260 levels. The euro moved higher vis-Ã -vis the British pound as the single currency tested offers around the ₤0.7455 level and was supported around the ₤0.7415 level.
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