Pound Sterling refreshes monthly high with focus on Jackson Hole
Technical Analysis: Pound Sterling eyes above 1.3000
The Pound Sterling continues its winning spell for the fourth trading session on Thursday. The GBP/USD pair gains to near 1.3000 after a Bullish Flag breakout in the 4-hour timeframe. The Bullish Flag formation is characterized by lower volume in which inventory is transferred from retail participants to institutional investors. A decisive breakout of the Flag pattern results in the continuation of the ongoing trend, which in this case is up.
All short-to-long term Exponential Moving Averages (EMAs) are sloping higher, suggesting the uptrend is well supported.
The 14-period Relative Strength Index (RSI) oscillates in the bullish range of 60.00-80.00, suggesting a strong upside momentum.
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