We think the Pound has forged an interim low and that the March downtrend pattern is poised to bereversed. In fact, comments from the BOE overnight that wage growth is starting to pick up, combined withgenerally positive global equity market action, should now allow the Pound to claw out more higher highs ahead.The Pound bulls do need to see positive US durable goods results, as the Pound at 1.65 to 1.67 factors in areturn to positive global growth and forward motion in the UK economy.
