With the US posting some weak data yesterday, some of the macro-economic differential pressure on the Pound has abated and that in turn has allowed some technical short covering in a currency that has seen anaggressive liquidation over the last month! While we can’t rule out a continued slide to the 1.65 level, the odds ofa bottom in the Pound have increased and aggressive traders might consider getting long and using a tight stopof 1.6537.
