Technical Analysis: Pound Sterling declines toward 1.2500
The Pound Sterling delivers a breakdown of the consolidation formed in the range between 1.2575 and 1.2675 last week. The Cable seems vulnerable as it trades near the 200-day Exponential Moving Average (EMA) at 1.2568, indicating weak demand in the longer term.
On a broader time frame, the horizontal support from December 8 low at 1.2500 could 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) dips below 40.00. If it sustains below this level, bearish momentum will trigger
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