It’s been a tough day for the pound. It been under pressure since reporting poor industrial production data this morning. The cheap pound was supposed to boost exports, which was supposed to boost production, which was supposed to support the pound, but it did not work out that way today.
We are edging below support at the 1.4511 level. Further support at 1.4506 was tested, the 61.8% retrace of the 1.4350/1.4760 rally. A break targets a return to 1.4350, at least.
As noted earlier, a move through 1.4350 should see, the charts tell us, a further 4 cent slide in the pound in the coming days.
