Technical Analysis: Pound Sterling remains supported
The Pound Sterling shows a cautious recovery move from an almost two-week low of 1.2690 ahead of key US economic events. The GBP/USD pair continues to remain well-supported by the 20-day Exponential Moving Average (EMA), which trades around 1.2714. Also, the 50-day EMA is sloping higher, suggesting that the near-term trend is still upbeat.
The Cable still holds the 61.8% Fibonacci retracement support at 1.2665, which is plotted from the March 8 high of 1.2900 to the April 22 low at 1.2300.
The 14-period Relative Strength Index (RSI) has shifted into the 40.00-60.00 range, suggesting that the momentum is losing strength.
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