The Pound is at least partially undermined by the risk off vibe seen around the world. Not surprisingly the currency with the most significant run up in value over the last year is under pressure in the wake of doubt ofsustained global growth ahead. With the Pound potentially priced for economic perfection into the recent highsand some recent UK data casting doubt on the valuation of the Pound, it would not be surprising to see a notedsetback in the Pound in the event that global economic expectations deteriorate over the coming 36 hours oftrade. Near term downside targeting in the September Pound is seen at 1.7076 and then not until the 1.7042level.
