The Pound is cheered by the Chinese stimulus move but also because of a surprise improvement in UK service sector PMI readings for January. In order for the Pound to come into consistent vogue probably requires more positive Greek news, generally positive equities and step wise improvements in global economic sentiment. We don’t see the justification for a sustained up trend pattern yet but the Pound might be able to claw back toward longer term down trend channel resistance up at 1.5234. To signal a trend reversal probably requires a return to even longer term down trend channel resistance at 1.5387.
