The Pound has also seen some corrective action after a short term overbought condition earlier thisweek on the charts. Unlike the Euro, the Pound deserved its recent highs off the flow of economic information but with more declines this morning, in the wake of UK manufacturing output, 1st quarter construction output and UKglobal trade, it is clear that the Pound had already priced in a fairly optimistic condition. Near term downsidetargeting in the June Pound is seen down at 1.6788 but that support line rises to 1.6798 by Monday.
