GBP review

Sterling was steady on Wednesday, doing its best to consolidate a fall this week below $1.46, its weakest in five years. A focus on the ECB helped diminish the spotlight on the pound and all of its election related vulnerabilities. 

Sterling should struggle to sustain any gain in the wake of news this week that local inflation held at a record low of zero, still at imminent risk of turning negative, and well short of the Bank of England's 2 percent goal. 

A potential wild card positive for the pound would be potential safe harbor flows related to fears Greece might default on its massive debt load.