Pound Sterling finds buying interest near the round-level support of 1.2600. The pair drops toward the 20 and 50-day Exponential Moving Averages (EMAs), which trade around 1.2640.
The near-term trend is sideways as the asset oscillates inside the Descending Triangle formation on a daily timeframe. The downward-sloping border of the aforementioned chart pattern is placed from December 28 high at 1.2827, while the horizontal support is plotted from December 13 low near 1.2500.
A Descending Triangle pattern exhibits indecisiveness among market participants but with a slight downside bias due to the formation of lower highs and flat lows.
The 14-period Relative Strength Index (RSI) remains inside the 40.00-60.00 region, indicating a sharp contraction in volatility
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