GBP/USD Higher, U.K. Manufacturing Optimism Improves

GBP/USD is trading at 1.2236, up 0.0019. The pair is trading rangebound just under the session highs. The Confederation of British Industry's (CBI) Business Optimism survey for the fourth quarter increased to minus 8 from minus 47 on the previous report. The survey showed manufacturers expected new orders to increase over the next three months. The CBI order book balance fell to minus 17 in October from minus 5 in September. The survey showed expectations for output growth slowed to 13 from 22 in September and inflation rose to 8 from 5, export orders improved to negative 6 from negative 10.