A fresh failure in the Pound this morning on the charts was seen in the wake of a strong UK construction PMI release and that highlights the bear’s control over the Pound. With the BOE this morning looking into way tostimulate certain mortgage guarantees, it is clear that they still see the need to provide support to a strugglingeconomy and that could set the stage for a slide down to the early September consolidation lows of 1.6047.
