The sterling underperformed after the British government announced its plan to raise taxes.
The pair has broken below the rising trendline from the support at 149.20. This is an indication that the recovery momentum has slowed down.
An oversold RSI may attract buying interest at 151.30. Then a rebound will need to clear 152.50 to keep the bullish bias intact.
Failing that a fall below would trigger a sell-off as short-term buyers scramble for the exit. Further down, 150.50 would be the next target.
