GBP/USD extends gains for the second successive session, trading around 1.2700 during Asian hours on Tuesday.
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. 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.
A break below this level could exert pressure on the pair to navigate the vicinity of the throwback support at 1.2450. In terms of resistance, the immediate barrier appears at the 14-day Exponential Moving Average at the 1.2704 level. A breakthrough above this level could propel the GBP/USD pair toward testing the top wedge of the broadening bottom pattern around 1.2900. GBP/USD: Daily Chart GBP/USD Overview Today last price 1.2692 Today Daily Change 0.0007 Today Daily Change % 0.
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