The pound recoups losses over speculations of an emergency rate hike by the BoE. After breaking below March 2020’s lows near 1.1500 Sterling sank to an all-time low at 1.0350. An extremely oversold RSI on the daily chart prompted intraday traders to take some chips off the table. However, strong selling pressure could be expected from trend followers as the pound probes resistance overhead. 1.1050 would be the first hurdle and 1.1350 over the 20-hour moving average a major level that may keep the bounce in check.
