Cable was unable to sustain Asian gains, with GBP-USD bolstered by the short-squeeze in the EUR this session, rising from early Tokyo levels of 1.3790 to highs of 1.3851. Several attempts to clearly break above 1.3850 failed and Cable fell sharply back to 1.3812. Risk remains to the downside, targeting a fall to 1.3500 in the sessions ahead. Data released earlier this session remains negative for sterling with UK BRC Feb like-for-like sales falling -1.8% in February, noting that over the last three months, non-food retailer sales have dropped -5.3%. In addition, RICS report that the Feb house price balance fell to -78.3, lower than the market expectations of -74.0. Adding to the gloomy tone is a report due out later today from Manpower that UK hiring has dropped to a 17-year low with optimism about job prospects falling 12% over the last year. Stops are expected on a break under 1.3800 with support eyed at 1.3760 but a move lower to 1.3500 is expected in the sessions ahead.