A reference generator for use with serial link data communication is disclosed. Broadly speaking, a decision circuit may perform a comparison between a particular data symbol included in a serial data stream and a difference between a voltage level of a first signal and a voltage level of a second signal, and generate an output data value based on a result of the comparison. A reference generator circuit may selectively sink a first current value from either the first signal or the second signal based upon another output data value generated from another data symbol included in the serial data stream that was to received prior to the particular data symbol.