The Pound is clearly undermined by BOE suggestions that it is premature to consider hiking interestrates, but the Pound might also be a little off balance because of central bank complaints about the lofty Poundexchange rate. We also have to think that part of the setback in the Pound this morning is partially tied to softerEuro zone data, as the Pound at the recent highs, was probably factoring in a straight away return to sustainedglobal recovery. Up-trend channel support in the June Pound comes in today down at 1.6694 and that supportlevel rises to 1.6707 by this Friday. For now, the bias is down in the Pound.
