Published by Zeb BhamThe pound declined to $1.6386 in foreign exchange trading yesterday (July 27th) after the release of data from the Confederation of British Industry (CBI).According to Reuters, sterling tumbled by 0.2 per cent but remained close to the dollar as a decision about the US debt ceiling has yet to be made.The CBI found that the total order balance was down from +1 last month to -10, even lower than analysts had anticipated."Data is a little disappointing but to a degree most of the expectations for UK data have been skewed to the downside," said Lloyds head of market strategy Charles Diebel.He added that less focus was placed on the data due to the ongoing situation in the US.On Tuesday the newswire reported the British currency pushed higher versus the greenback following a statement from the Office for National Statistics predicting a 0.2 per cent rise for Gross Domestic Product.For more information on foreign exchange treasury services and risk management, visit our Corporate FX site