Technical Analysis: Pound Sterling rises to weekly high near 1.2660
The Pound Sterling rebounds to a one-week high near 1.2660 after discovering buying interest from a six-week low of 1.2540. The GBP/USD pair continues its winning spell for the third trading session on Thursday. Cable bulls respected the 200-day Exponential Moving Average (EMA) at 1.2566. The 20-day EMA near 1.2660 could act as a strong barrier ahead.
On a broader time frame, the horizontal support from December 8 low at 1.2500 would 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) rebounds above 40.00 after slipping below it. The event should not be considered a “bullish reversal” until it decisively breaks above 60.00
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