The Pound Sterling trades back and forth above 1.2600 against the US Dollar. The GBP/USD pair is expected to remain sideways as investors await a fresh trigger for the interest rate guidance. The Cable has been trading in the 1.2575-1.2675 range for the past six trading sessions. The 200-day Exponential Moving Average (EMA) near 1.2590 provides support to the Pound Sterling bulls.
On a broader time frame, the horizontal support from December 8 low at 1.2500 would provide further cushion to the Pound Sterling. Meanwhile, the upside is expected to remain limited near an eight-month high of around 1.2900.
The 14-period Relative Strength Index (RSI) hovers near 40.00. If it dips below this level, bearish momentum will trigger
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