GBP/USD remains on the back foot around 1.2590-85 as it struggles to defend the weekly gain during the early hours of Monday’s Asian session. In doing so, the Cable pair remains below the 100-bar Exponential Moving Average (EMA). Adding strength to the downside bias are the bearish MACD signals and a downbeat RSI (14) line, not oversold. However, the Pound Sterling sellers need validation from an upward-sloping support line from late May, around 1.2570 by the press time. Also acting as the downside filter is the previous monthly low of around 1.2550 and the 200-EMA level of 1.2490. In a case where the GBP/USD bears ... (full story)