Technical Analysis: Pound Sterling remains sideways near 1.2800
The Pound Sterling trades inside Thursday’s trading range ahead of the US NFP data for May. The GBP/USD pair struggles to break decisively above 1.2800. However, the Cable's near-term outlook remains firm as it trades above 1.2770, the 78.6% Fibonacci retracement support (plotted from the March 8 high of 1.2900 to the April 22 low at 1.2300).
The Cable is expected to remain in the bullish trajectory as the 20-day and 50-day Exponential Moving Average (EMA) at 1.2710 and 1.2650, respectively, are 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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