The Pound remains in a weak downward track on the charts in the wake of suggestions from the BOEthat no rate hike timing is in place. The Pound is also under some pressure because of BOE suggestions that apremature rate hike would damage the recovery and by suggestions that weakness of wages points to residualslack in the employment sector. The bull camp was thrown a bone by suggestions from the BOE that the risk of asmall rise in interest rates was receding! Therefore the Pound looks to remain in a slow grind lower, with initialsupport seen down at 1.70. The failure to hold above 1.6997 could add some technical liquidation pressure intothe trade.
