The pound edging higher once again, resistance above at £1.2445. Whereas previous resistance is now acting as support at £1.2407.

Sterling is edging higher again after consolidating along the ascending trendline which has been the support base for all of last week. Currently trading at around £1.2438 against the dollar, with the next level of resistance sitting at £1.2445 (20-day MA). A break and close above the 20-day moving average may see the pound climb higher, back up towards that £1.250-£1.253 price range. The previous resistance of £1.2407 is now acting as support (100-day MA). A break below this support level may see the pound retreat once again toward the key support level sitting at £1.2373 (along the trendline). Over to the technical indicators, MACD is neutral but looks like could be turning positive and RSI is neutral as it reads 52.