The sterling lost ground slowly all night, after yesterday's advance. Not breaking the resistance at 1.6117 is prompting the pair to hit new intraday lows without a stop. The sterling traders weren't able to build a good support around the fibo 50% (from 1.586 to 1.6115) and the next level where the price could stop is the union of the 200-day MA and the fibo 61.8%. The RSI is marking oversold, so the pair could pause for a while, before it goes seeking new lows again. If the pair continues declining, the next level will be 1.5926 dollars per pound. Today's target could be 1.5859, entering the short trend that was going on since September 10th.