The Pound Sterling falls further after retreating from its two-week high of 1.2680. The GBP/USD pair fails to sustain above the 20-day and 50-day Exponential Moving Averages (EMAs), which trade around 1.2660. Meanwhile, the 200-day EMA at 1.2566 continues to provide support.
On a broader time frame, the horizontal support from December 8 low at 1.2500 would provide further cushion to the Pound Sterling. Meanwhile, the upside is expected to remain limited near an eight-month high of around 1.2900.
The 14-period Relative Strength Index (RSI) rebounds above 40.00 after slipping below it. This should not be considered as a “bullish reversal” until it decisively breaks above 60.00
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