The Pound has come under consistent pressure this week because of waning global optimism. With thesharp run up in the Pound in early February, coinciding with new high moves in equities and positive economicviews, we suspect that the Pound has forged a near term bottom. News of an increase in UK public sectorborrowing on a month over month basis is supportive of the Pound and the generally positive track from globalequities might be another positive for the Pound. However, fresh longs in the June Pound might have to riskpositions to at least 1.6375 to ride through renewed deterioration in Russia/West relations.
