Sterling Drops, Ignores Improvement of Consumer Confidence

The Great Britain pound dropped today as the mood of Forex traders turned sour and they preferred to stick to safer currencies. Even improving confidence of Britons was not able to help the sterling.
The GfK UK Consumer Confidence Index increased six points to -7 in January. It is the highest level since September 2007. The favorable data did not benefit the pound as traders were avoiding currencies that they perceived to be too risky.
GBP/USD went down from 1.6483 to 1.6448 and GBP/JPY dipped from 169.30 to 168.45 as of 11:20 GMT today.

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