A quasi double top in the Pound last week around 1.5735 looks to be initial resistance for the March Pound and a temporary setback to 1.56 looks likely ahead. However, some bulls think that the extending consolidation above 1.56 and rising volume and open interest on the recent rally attempt hints at the prospect of a significant bottoming in the Pound ahead. However, we doubt the major bottoming prospect until there are signs of forward progress in UK economic data points.
