While the Pound is showing some recovery action to start today that action might be mostly the result of oversold technical and the lack of alternatives. With soft UK mortgage approvals floated overnight, ongoing weakness in oil prices and generally negative global economic views, the overall path of least resistance in the Pound looks to remain down. Down-trend channel resistance in the December Pound is seen at 1.5808 today and that resistance line falls down to 1.5792 on Tuesday.
