Technical Analysis: Pound Sterling hovers near 50-day EMA

The Pound Sterling rises to 1.2680 against the US Dollar after extending its recovery from an almost seven-week low of 1.2610. The GBP/USD pair moves higher but struggles to hold above 61.8% Fibonacci retracement support at 1.2667, plotted from the March 8 high of 1.2900 to the April 22 low at 1.2300.

The Cable hovers near the 50-day Exponential Moving Average (EMA) near 1.2640, suggesting uncertainty over the near-term outlook.

The 14-day Relative Strength Index (RSI) oscillates in the 40.00-60.00 range, indicating indecisiveness among market participants.