08 Apr 2024
Pound Sterling stays on backfoot as BoE rate cut expectations for June mount
Technical Analysis: Pound Sterling remains supported near 1.2600
The Pound Sterling trades inside a Falling Channel formation on a daily timeframe in which each pullback move is considered as a selling opportunity by the market participants. The 200-day Exponential Moving Average (EMA) near 1.2570 provides support to the Pound Sterling bulls.
On the downside, the psychological level of 1.2500 plotted from December 8 low will also be a major support for the Cable.
The 14-period Relative Strength Index (RSI) hovers near 40.00. A bearish momentum could trigger if the RSI decisively breaks below the same.
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