Surprisingly the Pound has been unable to hold the initial gains seen early this morning in the wake of positive UK August retail sales results. In other words, the bull camp is apparently unable or unwilling to embracepositive UK data flows and that could increase the importance of US economic data later this morning. The Poundhas seen some sideways consolidation on the charts and that has hinted at the prospect of a technical low but toshift the trend in the Pound back to the upside probably requires a rally back above 1.6604 later today.
