Consistent and seemingly perpetual soft global economic data leaves the Pound bears in control. Whilethe Pound is no longer priced for economic perfection, it remains expensive in the face of rising economicconcern for the Euro zone, muted BOE wage inflation and most recently because of a lack of forward motion inthe US economy. The Pound is oversold, but the fundamental picture continues to favor the downside. While the1.66 level looks to be the next solid support level, seeing Russia act aggressively later this week and seeing widerspread expectations that Europe is destined to return to recession status, could put the Pound back down to the1.65 level.
