Technical Analysis: Pound Sterling holds the 61.8% Fibonacci retracement support

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The Pound Sterling hovers near 1.2700 against the US Dollar after falling sharply from the round-level resistance of 1.2800. The GBP/USD pair falls but still 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 1.2665.

The Cable retraces to the 20-day Exponential Moving Average (EMA), which trades near 1.2710. The 50-day EMA is still sloping higher, suggesting that the overall trend remains bullish.

The 14-period Relative Strength Index (RSI) has shifted into the 40.00-60.00 range, suggesting that the upside momentum has faded. However, the bullish bias remains intact


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