The Pound has seen a technical reversal and failure overnight on the charts and that action was at leastpartially confirmed by disappointing UK CBI retail sales readings that declined by 6 points relative to the priormonth’s results. While some might point to the uncertainty of the referendum vote, as the reason behind the softsales results, the presence of a widespread global deflationary vibe adds to the fear that the Pound was overvalued at its recent highs.
