- GBP/USD extends gains to test 14-day EMA at 1.2704 level.
- A broadening bottom pattern on a daily chart suggests a potential correction before moving lower.
- The lower boundary of the broadening bottom pattern around the level of 1.2640 could act as a key support.
GBP/USD extends gains for the second successive session, trading around 1.2700 during Asian hours on Tuesday. Analysis of the daily chart shows a broadening bottom pattern in price action, representing increasing volatility. This chart pattern suggests a potential correction before moving lower.
The 14-day Relative Strength Index (RSI) is positioned below the 50 level, indicating a bearish bias. Furthermore, the Moving Average Convergence Divergence (MACD) momentum indicator also suggests a downward trend, as the MACD line is above the centerline but diverges below the signal line. Breaking below the centerline may strengthen the downward trend.
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