Technical Analysis: Pound Sterling faces pressure near 1.2700

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The Pound Sterling struggles to extend its recovery above the crucial resistance of 1.2700 against the US Dollar. The GBP/USD pair finds selling pressure near the 20-day Exponential Moving Average (EMA), suggesting that the near-term trend is uncertain. While the 50-day EMA near 1.2670 is acting as a major support for the Pound Sterling bulls.

Currently, the Cable holds the 61.8% Fibonacci retracement support (plotted from the March 8 high of 1.2900 to the April 22 low at 1.2300) at 1.2667.

The 14-period Relative Strength Index (RSI) falls back into the 40.00-60.00 range, indicating that the upside momentum has faded


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