The Pound Sterling declines further to 1.2410 after extending its losing spell for the third trading session on Tuesday. The GBP/USD pair is expected to extend its downside to the round-level support at 1.2400. The Cable remains on the backfoot after a breakdown of the Head and Shoulder chart pattern, which exhibits a bearish reversal. The neckline of the aforementioned chart pattern is plotted from December 8 low near 1.2500.
The long-term outlook turns bearish as the Cable drops below the 200-day Exponential Moving Average (EMA), which trades around 1.2540.
The 14-period Relative Strength Index (RSI) shifts into the bearish range of 20.00-40.00, suggesting an active bearish momentum.
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