Technical Analysis: Pound Sterling approaches six-month high near 1.2830
Pound Sterling refreshes a two-month high at 1.2820. The GBP/USD pair strengthens after an upside break of the Descending Triangle formed on a daily time frame. A breakout of the aforementioned chart pattern results in wider-than-average ticks on the upside. The pair is an inch away from revisiting a six-month high at 1.2827.
Upward-sloping 20-day and 50-day Exponential Moving Averages (EMAs) at 1.2690 and 1.2660 suggest more upside.
The 14-period Relative Strength Index (RSI) rises to 70.00, indicating that a bullish momentum is active now
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