The Pound is simply having trouble getting up and away from the January consolidation lows. Part of the problem is a lack of forward progress in UK economic data and part of the problem is outright fear of more global slowing ahead in the wake of the reduction in global growth forecasts from the IMF. In other words, the Pound can hardly forge a major bottom and reversal when the outlook for many of its regional trading partners continues to deteriorate. Thick resistance is seen up at 1.5228 and support is seen down at 1.5050.
