The Pound has managed to hold its ground near the 1.5000 level and above Friday’s low for the move, but is showing few signs of starting up any extended recovery move. The Bank of England’s shift away from rate hikes in their latest meeting minutes has clearly taken the steam out of the Pound, even with comments today from a BOE official indicating that UK rates could rise “earlier than expected”, as the market clearly needs to see consistently stronger UK economic data before prices can lift decisively clear their recent lows. However, the Pound should find near-term support around 1.4972 and avoid any slide into new low ground.
