Technical Analysis: Pound Sterling remains sideways below 1.2700

Pound Sterling oscillates in a tight range around 1.2670. The GBP/USD pair continues to face stiff resistance near the downward-sloping border of the Descending Triangle pattern formed on a daily timeframe, 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 lower highs and flat lows formation.

The pair holds above the 20-day Exponential Moving Average (EMA), which trades around 1.2650. Meanwhile, the 14-period Relative Strength Index (RSI) remains within the 40.00-60.00 range, indicating a sharp volatility contraction