The Pound remains technically off balance and the view toward the UK economy is still some what suspect. While there is hope that the BOE will eventually shift into a hawkish posture, that shift is unlikely in theshort term unless numbers improve significantly. In the near term, the path of least resistance remains down andwe can’t argue against a return to the early October lows of 1.5941 and perhaps even 1.5888 in the event that UKdata is the least bit soft in the week ahead.
