Mixed results with this morning’s UK economic data have squelched an attempt by the Pound to lift clearof its recent consolidation zone, and prices are looking more vulnerable for a slide down to 1-month lows later intoday’s trading. While a very strong Mortgage Approvals number has calmed some concerns over the UK housingmarket, the Pound needs to get out from under the shadow of potential new Russian sanctions before starting anyextensive recovery rally. Near-term support is at 1.6942, but a failure to hold that level could lead to a sizabledownside move.
