The pound is not being helped by the U.K. Governments’ policy of benign neglect, evidence comments by Gordon Brown in Davos over the weekend. The Prime Minister suggested the fate of sterling was a matter for the markets alone, saying “We do not target our exchange rate” adding to do so would be a “recipe for failure.” The proximity of the MPC meeting later in the week, and the likelihood of another aggressive monetary ease, will also be weighing on the currency. Another negative will be the news that Barclays have had their credit rating downgraded by Moodys amid fears of “significant further losses.”