The Pound has failed to benefit from improving economic views toward the US and perhaps some of theinitial pressure today comes from the surprise decline in Halifax March House prices. Up-trend channel support inthe June Pound isn’t seen until the 1.6518 level today. The primary force behind the weakness in the Pound is thestrength of the Dollar and therefore we don’t expect a sustained slide in the Pound. Value hunting buyers mightlook to the 1.65 level as a possible entry point.
