The Pound has forged a minor failure on the charts overnight with the March contract temporarily fallingdown to the lowest level since December 20th. Some traders might suggest that the erosion of the Pound of late has been the result of a gradual improvement inthe global economic outlook, as that in turn reduces the Pound’s edge relative to the Euro and Swiss. In fact,stronger US data flows of late are probably another reason for the slide in the Pound off the late December highs.For the time being, the path of least resistance is pointing downward in the March Pound with a possible targetingof 1.6250.
