The Pound initially ranged downward overnight and managed that slide in the face of data that mighthave been considered supportive. In fact, of the overnight data flows, the UK was one of the few readings thatmanaged to best expectations. UK May services PMI posted a 58.6 reading on expectations of 58.5 and with thatmeasure approaching the 60 level, that really sets the UK economy head and shoulders above most others! Wethink 1.6697 is a very solid support point and that traders should get long the Pound for an eventual return to theearly May highs.
