The Pound Sterling falls from 1.2600 but consolidates in a tight range around 1.2550. The near-term outlook of the Cable appears to be uncertain as it has not stabilized above the 20-day Exponential Moving Average (EMA), which trades around 1.2520.
The GBP/USD pair faces selling pressure near the neckline of the Head and Shoulder chart pattern formed on a daily time frame. On April 12, the Cable recorded an intense sell-off after breaking below the neckline of the H&S pattern, which is plotted from December 8 low around 1.2500
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