While the Pound was initially lifted by the positive maneuvers by the PBOC overnight, a reversal inequities, fears of more slack US scheduled data and a slight rise in Ukrainian concerns knocked the Pound backdown toward the session’s lows. While the Pound would appear to be poised to rise above 1.6750 level andcontinue an uptrend pattern on the charts, the bull camp needs to fear renewed selling pressure in the aftermathof US scheduled data today, as noted weakness in US data could mean that the Pound around 1.6750 is pricedfor an overly positive global economic condition. In our opinion, to see the Pound rise to the highest level in twoyears, probably requires a more positive overall environment.
