Pound Sterling trades inside Monday’s trading range due to the light UK economic calendar this week. The pair approaches the downward-sloping border of the Descending Triangle pattern which has formed on a daily time frame, traced from the December 28 high at 1.2827. While, the horizontal support is plotted from December 13 low near 1.2500.
The pair holds above the 20 and 50-day Exponential Moving Averages (EMAs), which trade around 1.2630. Meanwhile, the 14-period Relative Strength Index (RSI) marches toward 60.00. A bullish momentum will trigger if the RSI (14) manages to climb above 60.00.
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