Sterling looked in pretty decent shape for a short time yesterday, but gains through the low 1.43s were fleeting and the weak underlying trend quickly re-asserted itself.
"Short-term patterns are not obviously bearish in the context of the range over the past couple of weeks, but do point to the risk of weakness.
That is important as the picture on the daily chart is distinctly bearish as sterling pressures the low end of the March consolidation range.
Sterling pressure is liable to pick up below 1.4150/60."
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