GBP/USD’s outlook is unchanged and intraday bias remains neutral. Some consolidation could be seen below 1.3557, but a further rally is expected as long as 1.3339 support holds. A break above 1.3557 will target 1.3657 first. A firm break there will bring a retest of the 1.3867 high. However, a break of 1.3339 support will dampen this bullish view and bring a deeper fall back to 1.3139 instead.
Bigger Picture
Price action from 1.3867 represents a corrective pattern within the broader uptrend from 1.0351 (2022 low). With 1.3008 support intact, medium-term bullishness is maintained and a break of 1.3867 is favored at a later stage, targeting the 1.4248 key resistance level — the 2021 high. However, a firm break of 1.3008 would at least bring a deeper fall to the 38.2% retracement of the 1.0351–1.3867 move at 1.2524, with increased risk of a bearish reversal.
