Pound Sterling Price News and Forecast: GBP/USD gains momentum around 1.2770

The GBP/USD pair gains momentum around 1.2770 heading into the European session on Tuesday. The pair trades in positive territory for the second day i

, a measure of the value of USD against six other major currencies, drops to 103.22.

From the technical perspective, GBP/USD holds above the 50- and 100-hour Exponential Moving Averages on the one-hour chart, which means further upside looks favorable. Meanwhile, the Relative Strength Index stands above 50, within bullish territory, suggesting that buyers are likely to retain control in the near term.The GBP/USD pair trades with a positive bias for the second successive day on Tuesday and touches a three-day high, around the 1.2770 area during the Asian session.

Expectations that the Bank of England will increase interest rates further continue to underpin the British Pound . The news also cites the opposition party terming the British economy as stuck in a low-growth trap.

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