The downside track in the Pound has lost momentum and seeing the September Pound respect the recent consolidation low zone of 1.6761 again overnight suggests the bear camp lacks dominance. In fact, thePound has been able to reverse a downside breakout to the lowest level since June 11th despite seeing soft UKJuly same store sales results earlier today! We leave the edge with the bear camp but the bears have to bedisappointed with the failure to extend down on the charts.
