Technical Analysis: Pound Sterling trades close to five-month low near 1.2300
The Pound Sterling printed a fresh five-month low near 1.2300 on Monday. The GBP/USD pair extends its losing spell for fourth trading session on Tuesday as a breakdown of the Head and Shoulder chart pattern formed on a daily timeframe has weakened the near-term outlook.
Declining 20-day and 50-day Exponential Moving Averages (EMAs) at 1.2525 and 1.2600, respectively, indicate that the long-term outlook is bearish.
The 14-period Relative Strength Index (RSI) oscillates in the range of 20.00-40.00, indicating a strong bearish momentum
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