Technical Analysis: Pound Sterling hovers near 1.2500
The Pound Sterling trades near Thursday’s high at around 1.2500 against the US Dollar. The GBP/USD pair struggles to extend the upside above the 20-day Exponential Moving Average (EMA), which trades around 1.2510.
The 14-period Relative Strength Index (RSI) rebounds above 40.00, suggesting that a bearish momentum might have concluded for now. However, the long-term bearish bias remains intact.
A sustainable move above the psychological resistance of 1.2500 will drive the pair towards the 200-day EMA, which hovers around 1.2550. On the other side, a downside move below Wednesday’s low at around 1.2430 will expose GBP/USD to a five-month low at around 1.2300
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