A big range down washout in January (which started with a gap down failure) leaves the bear camp in control technically. In the current environment the hope for a BOE rate hike is a distance memory and the BOE is taking to the Press to call for a quicker start to EU QE efforts. Near term downside targeting in the Pound is seen off the monthly charts down at 1.4855 which is a consolidation low from March of 2013.
