GBPUSD is Leaning At its Simple Moving Average

GBPUSD fluctuated within a narrow range during recent intraday sessions as relative strength indicators continued to issue negative signals after reaching overbought levels. The pair appears to be easing this condition in an attempt to regain positive momentum.

The pair is currently supported by EMA50, which strengthens the chances of a renewed upward move, especially as prices continue to trade along a short-term ascending trendline.