Pound in its longest daily decline since 2008 against Dollar

Pound has now fallen for nine consecutive days, unless it recovers sharply today to close above 1.525 against Dollar, which as of now seems very much unlikely given its current price at 1.52 and heavy selling pressure.

This decline if maintained till closed, will be Pound's longest since 2008, when it declined from 10 and 11 consecutive days. Pound is down about 600 points from its recent peak around 1.58 area.

Classic Oscillator RSI has fallen below 30, oversold mark for the first time since March, 2015.

However, kindly note, I am not making out any case for reversal, but pointing the extreme nature of the move, in spite of Bank of England's (BOE) rate hike communication at turn of the year.

We expect Pound to decline further against Dollar and might reach as much as 1.44 against Dollar. However given this extreme nature of the move, Pound might pose for some recovery near 1.5 psychological mark.