The pound falls back as traders take profit after a strong performance from the start of the year.
The price action has retreated to March’s low at 1.3670, a support on the daily chart to keep the uptrend intact. The pair is likely to consolidate from that major level while the RSI recovers from the sub-30 area.
1.3770 is the immediate resistance and a bullish breakout may convince buyers that the correction is over.
To the downside, 1.3600 would be the target if the pair struggles to find bids.
