The outlook for the Pound remains bearish as a quasi-change and improvement in global macroeconomic fortunes has done nothing to alter the weak action in the Pound. In other words after a year of veryimpressive gains in the Pound as a “recovery currency” the Pound has come under pressure for most of thismonth as if the outlook for the global recovery was in question. However, with positive Chinese factory order data,positive Euro zone data and new highs in a number of global equity market measures, the Pound this morninghas continued to slide. The inability to hold the 1.70 level on a close in the wake of slack UK data yesterday,suggests that the bears have control of the Pound for now.
