The Sept Pound has already been through a roller-coaster ride this morning as a post-BOE meetingminutes rally was quickly rejected with a move down into negative territory. Not only does this set up an outsideday down, this is the second time in the past 3 sessions that the Pound has failed to breech the 1.7000 level. Withlukewarm UK inflation numbers still casting a shadow over the market, the Pound could see a fairly sizablepullback if the Fed lives up to the market’s hawkish expectations. The Sept Pound may find near-term support at1.6896, and may be on-course for giving back a large portion of last week’s updraft.
