The Pound is sharply lower this morning despite news that UK Dec consumer lending rose to thehighest levels in 5 1/2 years. Perhaps some of the weakness in the Pound is the result of a rebound in sentimenttoward emerging markets and equities as the Pound from the January 17th to January 24th time frame, sawsignificant inflows of long interest from both safe haven and macro economic differential buying. Therefore thesetback seems to be partly corrective in nature and partly a reaction to the sustained rebound in the Dollar. Solidup trend channel support is seen down at 1.6382 and that support line rises to 1.6393 on Friday.
