The Pound clawed out a fresh higher high overnight and managed that action in the face ofdisappointing UK retail sales results. Fortunately for the bull camp UK Factory orders in June were pegged at thefastest pace in 6 months by the CBI and that gives the bull camp an ongoing edge. However, it does appear as ifthe rate of gain in the Pound has slowed and that market has expended a lot of buying fuel to rise above thepotentially critical level of 1.70. We have suggested a short at the money Pound put and the purchase of 2 longerdated out of the money Pound puts for a position play and the current rally should help to bank a short put profitahead.
