The inability to forge a higher high in the Pound hints at a loss of upside momentum. BOE commentsovernight have undermined the Pound as it seems as if the BOE sees a need to boost lending/loan activity. Onemight also see the Iraqi situation and soaring oil prices as a negative to the Pound, as the Pound over the lastmonth might have priced in a somewhat perfect economic environment. Initial support is seen down at 1.6991 andthen not until the 1.6974 level.
