Technical Analysis: Pound Sterling drops below 20-EMA to 1.2700
The Pound Sterling falls to the breakout region of the Descending Triangle formed around 1.2700. The near-term demand for the GBP/USD pair has turned uncertain as it has dropped below the 20-day Exponential Moving Average (EMA), which trades around 1.2730.
On the downside, the downward-sloping border of the Descending Triangle chart pattern could support the Pound Sterling. On the upside, a seven-month high at around 1.2900 will be a major barricade.
The 14-period Relative Strength Index (RSI) returns to the 40.00-60.00 range, indicating a sharp volatility contraction
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