Pair's repeated failure to stay below 1.2775 (Dec 6 high) despite the retreat from 1.2903 (last week's high) coupled with overstretched 5-DMA and 10-DMA suggests the sideways action is likely to continue. The pair is waiting for the short-term averages to catch up with the price action before extending the rally. Only a daily close below 1.2775 would prolong the consolidation and increase the odds of a correction.