(Action Economics) - 11-Jan-12 08:56 - GBP dipped after U.K. November trade data corrected from October as expected.

Cable pulled back from 1.5485 and traded at 1.5465 and EUR-GBP moved up from 0.8250 to 0.8265.

Overall, there was not a great deal of impact from the U.K. release, with the underlying trend still being influenced by the broad risk backdrop and EUR related flows.

EUR attempted to carve a rally again, which helped EUR-GBP, but it is still struggling due to the weight of EUR outflows from real money and short term accounts.

EUR-GBP offers are noted in size from 0.8285-90 and at 0.8300.

Cable's downside is looking more solid due to reserve management activity and corporate flows, but the technical backdrop and increased BoE QE risk beyond February is still keeping the pair at the lower end of its broader trading range.

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