The pound retreats as recession fears take a foothold in the UK. The latest rebound has met stiff selling pressure at the daily resistance (163.50) which also sits on the 30-day moving average. This failure to achieve a new high suggests that the path of least resistance would be down. 161.60 is a support after intraday buyers gave up their gains at 162.30. Further down, 160.30 is a key level to keep the rebound intact. Its breach could make Sterling vulnerable to a new round of sell-off below 159.50.
