While a modest decline in the UK Trade deficit may have added to a recent string of positive UK datapoints, the June Pound was unable to follow-through on Tuesday’s sharp rally so far this morning. The Poundshould remain fairly well supported at these levels, even if today’s FOMC Meeting Minutes provides a source ofheadwinds late in the session, and will find near-term resistance at 167.73. Given this week’s steep gains,however, potential longs should wait for a pullback to the 166.72 level before approaching the market.
