The sterling struggles to stabilize as the UK braces for a fuel supply shock.
After three months of sideways action, the break below the daily support at 1.3600 could be the confirmation that the pound has sunk into a downtrend.
Strong momentum suggests that those who bought the dips had to bail out. 1.3300 is the next target.
A deeply oversold RSI would cause a limited rebound when short-term sellers take profit. 1.3550 is likely to cap the bounce with bears waiting to sell into strength.
