The sterling rises as traders bet that the BOE would start to tighten its policy sooner than most of its peers.
The daily support at 0.8470 has failed to contain the firesale. The bearish breakout has invalidated April’s rebound as sellers became more aggressive.
The downward momentum is pushing the price towards 0.8400.
An oversold RSI may have caused a limited bounce as intraday traders take some chips off the table. Sentiment remains downbeat though, as long as the euro is under 0.8520.
