GBP/USD’s strong break of 1.3300 support turned resistance suggests that fall from 1.3650 has completed at 1.3139 already. Intraday bias is back on the upside for 1.3459 resistance. Firm break there will argue that correction from 1.3867 has completed too, and target 1.3657 for confirmation. On the downside, below 1.3264 minor support will turn intraday bias neutral again first.
In the bigger picture, price actions from 1.3867 are a corrective pattern within the broader up trend from 1.0351 (2022 low). With 1.3008 support intact, medium term bullishness is maintained and break of 1.3867 is in favor for a later stage, towards 1.4248 key resistance (2021 high). However, firm break of 1.3008 will at least bring deeper fall to 38.2% retracement of 1.0351 to 1.3867 at 1.2524, with increased risk of bearish reversal.
