Technical Analysis: Pound Sterling climbs above 61.8% Fibo retracement
The Pound Sterling trades sideways against the US Dollar after recovering sharply from the round-level support of 1.2600. The GBP/USD pair moves higher above the 61.8% Fibonacci retracement support at 1.2667, plotted from the March 8 high of 1.2900 to the April 22 low at 1.2300.
The Cable rises above the 50-day Exponential Moving Average (EMA) near 1.2666 and is aiming to climb above the 20-day EMA, which trades around 1.2680
The 14-day Relative Strength Index (RSI) oscillates in the 40.00-60.00 range, indicating indecisiveness among market participants.
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