The Pound is lucky to have managed a bounce this morning in the face of disappointing UK Construction PMI results which were the weakest since April. Historically the Pound might have been underminedby the renewed weakness in oil prices but the Pound is also expected to remain under pressure because ofslackening Euro zone growth prospects and also because of a fairly well defined down trend pattern on thecharts. Down trend channel resistance is seen up at 1.6114.
