The charts are mixed. 1.7920 is Pivotal Resistance, break of which opens up 1.8020. Break of Support at 1.7750 opens up 1.76 once again. An assault at 1.64 and at 2.94 looks more probable than not. The fundamentals do not support the Pound, but the technicals look favourable.
Risk is very high.
In short, the charts seemed to be mixed, and at some variance with the fundamentals as we interpret them. In such a situation, we would stick by our earlier general forecast of a strong Mark and weak Yen and Pound, we would retain our existing positions, and take on only light positions till signals become a little clearer. Though the information sources are believed to be reliable, the information is not guaranteed for accuracy. While the views are proffered with the best of intentions, neither the author, nor the firm are liable for any losses that may occur as a result of any action based on the above. World financial markets, and especially the Foreign Exchange markets, are inherently risky and it is assumed that those who trade these markets are fully aware of the risk of real loss involved.