The Pound bulls have to be extremely discouraged by the action in the Pound over the last 4 tradingsessions, especially this morning in the wake of hints of BOE rate hikes and expectations of improved earningsgrowth in the second half. However, the BOE’s Carney did suggest that premature rate hikes could be damagingand that probably gave the bear camp the edge this morning. Critical up trend channel support in the SeptemberPound is seen down at 1.6959 and the failure to hold that support level could hint at a bigger near term setback.
