While overall macro economic sentiment has improved and that might serve to firm up support under thePound, the presence of the weakest annual CPI inflation rate since 2009, leaves the Pound vulnerable to moredeclines ahead. While we don’t see the justification for a slide down to the 1.6250 level right away, the bears willretain an edge unless US data improves and Russia shows signs of backing down. Critical support is seen at1.6465 but then not until 1.6411.
