Technical Analysis: Pound Sterling holds 20-DEMA
The Pound Sterling trades inside Tuesday’s trading range, suggesting indecisiveness among market participants. The GBP/USD pair struggles to sustain above the 78.6% Fibonacci retracement support (plotted from the March 8 high of 1.2900 to the April 22 low at 1.2300) at 1.2770.
The Cable is expected to remain bullish as the 20-day Exponential Moving Average (EMA) at 1.2700 is sloping higher, indicating a strong uptrend.
The 14-period Relative Strength Index (RSI) has shifted into the 40.00-60.00 range, suggesting that the momentum has leaned toward the upside
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