The Pound was able to reach a new 2-week high during the holiday on Thursday, but has fallen sharply away from those levels and has given back all of Wednesday’s upside breakout. Lukewarm private UK data, carryover pressure from the Euro zone and plunging crude oil prices are working against the Pound this morning, but further downside price action may be limited as there is decent chart support below the $1.5650 level. However, the Pound may need the help of stronger equity markets on both sides of the Atlantic as well as a negative turnaround in the Dollar in order to shake off pressure heading into the weekend.
