Has retreated again and holds $1.4925 area, not far from earlier lows
at $1.4895 seen just ahead of the European close. With short-covering
squeeze now over, cable contiunues to feel the pressure from the
earlier inflation report and the prospect of further rate cuts to come
in the UK, some banks projecting 100 bps rate cut in December. Traders
talking about targets in the $1.4500 area near-term.