The pound retreated after some disappointing UK retail sales figures in May.
The surge above the immediate resistance at 0.8570 is a sign of profit-taking from the short side. Now that 0.8540 has established itself as a support, price action will need to consolidate its gains, before a reversal could materialize.
The bullish MA cross may attract buying interest, though a high RSI could briefly temper the bullish fever.
A break above 0.8610 would prompt more sellers to cover and extend the rally to 0.8640.
