The pound remains under pressure after lackluster retail sales ex-fuel in June. The pair’s advance beyond 0.8610 has forced sellers to cover their positions.
The price has dropped back to the demand zone at 0.8550 for accumulation.
The RSI has recovered back to the neutral area. A rally above 0.8585 would confirm the bullish bias and rekindle buyers’ enthusiasm.
0.8610 is the next resistance, then a break above 0.8660 may trigger a runaway rally. On the downside, 0.8510 is still key support.
