While the Pound was undermined by an initial lower low for the move overnight, news of positive UKAugust Service sector PMI results have helped the currency regain some positive footing. While a sustainedcease-fire might be cause for a sustained bottom in the Pound, Euro and Swiss, it is premature to think thesituation in the Ukraine has come to an end. In fact, the prospect of positive US scheduled data over the coming 3trading sessions could make it difficult for the Pound to mount a sustained short covering bounce. Initialresistance is seen up at 1.65 and we suspect that US data flows will increase the thickness of that resistancezone.
