The British pound traded in a consolidation phase and kept on testing the 50-day exponential moving average at the 1.2200 level. The quoted price is trading slightly higher than the previous day’s close but showing the lack of strength in the European session. The global risk sentiment is fundamentally favoring the U.S. dollar after US House Speaker Nancy Pelosi visited Taiwan on Wednesday despite several warnings from China. Analyzing the daily chart, the Relative strength index is hovering near 60, suggesting a slightly bearish outlook. According to experts, the end of the current accumulation phase may signal a rally towards the 1.2350 level.
Ref: Trading View
