19 Apr 2024
Pound Sterling finds support, though risk-off mood keeps downside bias intact
Technical Analysis: Pound Sterling attempts to sustain above 1.2400
The Pound Sterling refreshes an almost five-month low near 1.2400 against the US Dollar. The GBP/USD pair is expected to see more downside as the longer-term outlook is bearish. The asset remains below the 200-day Exponential Moving Average (EMA), which trades around 1.2560. The Cable experienced a sharp downside after a breakdown of the Head and Shoulder chart pattern formed on a daily time frame.
Adding to that, 14-period Relative Strength Index (RSI) oscillates inside the bearish range of between 20.00 and 40.00, suggesting momentum leans to the downside.
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