The Pound Sterling has shown resilience, finding support near the key level of 1.2600. Currently, the currency pair is approaching the 20 and 50-day Exponential Moving Averages (EMAs) at around 1.2640.
In the short term, the trend appears sideways, with the asset moving within a Descending Triangle pattern on a daily timeframe.
This pattern suggests uncertainty among traders, leaning slightly towards a downward trend, characterized by lower highs and relatively flat lows.
The Descending Triangle’s downward-sloping border is drawn from the high of December 28 at 1.2827, while the horizontal support originates from the low of December 13 near 1.2500.
The 14-period Relative Strength Index (RSI) remains within the 40.00-60.00 range, indicating a significant decrease in volatility and reinforcing the current market indecision.