Comments by a Bank of England spokesman that a lower exchange rate would better serve the economic recovery of the UK unnerved the pair for a bit. The sell off was brief and we are now trading above 1.6330. This market has been moving horizontally for several weeks, absent of bullish energy. The longer term charts look friendly so breaks should be used to acquire longs. Are owners of oil dollars moving money to the UK, concerned of chaos caused by an unstable Iran?
