18 Apr 2024
Pound Sterling exhibits strength as traders scale back BoE rate cut bets
Technical Analysis: Pound Sterling eyes 1.2500
The Pound Sterling aims for firm footing after discovering strong buying interest near the round-level support of 1.2400. The GBP/USD pair rebounds from 1.2400 and focuses on recapturing the psychological resistance of 1.2500.
The near-term outlook of the Cable remains bearish due to a breakdown of the Head and Shoulder pattern and a declining 20-day Exponential Moving Average (EMA) near 1.2560.
In addition, the 14-period Relative Strength Index (RSI) oscillates inside the bearish range of 20.00-40.00, suggesting momentum leaned to the downside.
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