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From a technical aspect, the pound looks to have stabilised at its current level. Support below sits at the pandemic lows of £1.1400 and until this level breaks the outlook remains neutral. Towards the upside, initla resitance sits at £1.1760 followed by trendline resistance at £1.1850. If the pair breaks above here, then £1.20 would be the next primary target. RSI currently reads 33.3 Suggesting near oversold conditions, so another decline could be possible. MACD also trends lower but could turn if the £1.1760 resistance is broken.
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