Technical Analysis: Pound Sterling trades close to 1.2700
The Pound Sterling has remained confined in a tight range for the last two months. The GBP/USD pair could make a decisive move after the release of the UK’s budget. The pair hovers near the downward-sloping border of the Descending Triangle pattern formed on a daily time frame, placed from December 28 high at 1.2827. A decisive break above the same could result in a sharp upside move. The horizontal support of the aforementioned chart pattern is plotted from December 13 low near 1.2500.
Generally, a Descending Triangle pattern exhibits indecisiveness among market participants but with a nominal downside bias due to lower highs and flat lows.
The 14-period Relative Strength Index (RSI) oscillates inside the 40.00-60.00 range, indicating a sharp volatility contraction
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