The sterling continues to suffer from BOE’s warning against “premature tightening”.
The pair has met stiff selling pressure in the supply zone around 155.20, a major resistance from the daily chart. The sell-off has accelerated after the support at 154.20 failed to hold.
The subsequent drop below 154.00 was a confirmation of the bearish MA cross. 154.50 has become a resistance. 153.10 is the next support as the RSI bounces off an oversold situation. Below that, the price may retrace all the way back to 152.00.
