The inability to definitively throw off the downward track on the charts should become apparent later this week as the recent short covering bounce in the Pound has corrected the oversold technical condition. However,seeing UK house prices rise sharply overnight leaves the UK economy as the odd man out in the global economyand that could temporarily provide some upside action. In the end, we just don’t see the fundamental news flow tosuggest that the entrenched downward bias in the Pound has ended.
