Diminished hope of a quick rise in interest rates continues to pressure the Pound. Residual geopoliticalfears from the Ukraine and Gaza add to the woes in the Pound which we think was priced for perfection into theJuly highs. However, once the Pound returns to levels below 1.6750 level one has to wonder if the downside willcontinue as the competition for the Pound is lacking. The failure to respect a 5 month old up-trend channelsupport line last week at 1.6883 would seem to project a retest of 1.6726.
