The Pound remains mired in a large consolidation pattern because it is caught between the ultrastrength of the Dollar and the ultra-weak action in the European currencies. Slow UK house-price gains, reduced spending by Shell and ongoing gains in the Dollar leave the path of least resistance in the Pound today pointing downward. Initial support is seen down at 1.5099 and given a disappointing UK CBI retail sales result for January the fundamental picture remains negative in the Pound.
