The Pound remains squarely on the defensive in spite of today’s Dollar weakness and has fallen to anew low for the move this morning. Yesterday’s BOE Inflation Report continues to weigh heavily on the Pound,and weak UK housing price data has added a fresh set of headwinds as that sector has been an enormoussource of strength for their economy over the last few years. With BOE rate hikes pushed back to September2015 or beyond, it will be difficult for the Pound to find its footing before sliding further down to new low ground. Ifthe Pound takes out the overnight low later this morning, the next major area of support will be around the 1.5718area.
