Technical Analysis: Pound Sterling holds above 1.2700
The Pound Sterling finds an interim cushion near the round-level support of 1.2700 against the US Dollar. The GBP/USD pair continues to be well-supported by the 20-day Exponential Moving Average (EMA), which trades around 1.2714. Also, the 50-day EMA is loping higher, suggesting that the near-term trend is still upbeat.
The Cable still holds the 61.8% Fibonacci retracement support (plotted from the March 8 high of 1.2900 to the April 22 low at 1.2300) at 1.2665.
However, the 14-period Relative Strength Index (RSI) has shifted into the lower range of 40.00-60.00, suggesting that the momentum is losing strength.
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