While the Pound might see some initial support on the weekly charts down at 1.55 ahead, the path of least resistance in the currency looks to remain down. In the near term, the Pound falls in sync with the weakness in the Euro and also because of lingering fears of a 2015 global deflationary bout. Eventually the Pound might be considered cheap at 1.55 but recent history suggests that a decline on down to 1.5250 can’t be ruled out, especially if oil resumes its decline and the situation in Russia becomes even more onerous.
