The Pound saw an initial positive reaction to 1st quarter GDP and UK Business investment resultsovernight but those gains failed to hold. Therefore it is clear that the Pound has once again priced in a positiveeconomic track and the track of the global economy wasn’t strong enough to hold up the Pound consistently. Wecontinue to think the Pound is the odds on bull leader, but that it needs to see positive US data, positive USequities and a risk-on vibe to return to the May contract highs. In the near term, a minor correction to up-trendchannel support of 1.6770 is possible and that support line rises to 1.6780 on Friday.
