Weaker UK mortgage market approvals and relative strength in the Euro and Swiss to start this morninghas left the Pound initially off balance. Pushed into the Pound we would be a seller in the near term with a returnbelow 1.60 likely in the coming 3 trading sessions. In order for the Pound to rally straight away from current levelswould produce a technical reversal of a 4 month old down trend and we are not sure we see the fundamentals tojustify that type of action just yet.
