With a slight recovery attempt off last week’s lows, sellers of the Pound are offered what appears to be a chance to get short up near down trend channel resistance on the charts. While UK construction spending expanded, that expansion was the weakest growth in over a year! We at least see a near term slide to consolidation support of 1.56 and in the event US data shows anything positive, it would not be surprising to see the December Pound forge a fresh downside breakout.
