While the Pound has the fundamental capacity to continue to rise on its charts, it is short termoverbought and in need of a modest corrective balancing move. Up-trend channel support is all the way down at1.6845 today (because of the aggressive rate of climb yesterday) but that support level rises to 1.6872 by thiscoming Friday. Underpinning the uptrend in the Pound, is news of an impressive rise in UK new car registrations,a rise in UK April services PMI and by the prospects that Pound will continue to benefit from further weakness inthe Dollar ahead. Buy breaks to up-trend channel support.
