• Cable has held below 1.34 since the London open, as oil prices rise again

• Brent crude climbs to $114.72/barrel, its highest level since May 4

• US is net energy exporter; Britain is net energy importer

• 1.3372 is intra-day low, after worse than expected UK retail sales data

• Asian session base was 1.3388 (before UK retail sales data)

• Pound rises to new 17-month high vs euro on UK PMI data beats

GBPUSD

(Robert Howard is a Reuters market analyst. The views expressed are his own)