Rabobank - "Although the traditional safe-haven currencies of Japan and Switzerland have lost the most ground against EUR so far this year at -4.7% and -3.3% respectively, GBP has come in a close third losing just over 3% versus EUR. GBP was unhelped by much weaker than expected retail sales data for December which showed a contraction in sales during December to yet again highlight the state of the UK high street which has been firmly in focus following a number of high profile company closures. GBP/USD is currently just north of some key technical levels with the 200dma at 1.5908 providing support before opening up the confluence of multiple lows at 1.5838 - a close below that level potentially opening up an extended move lower."


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