Intraday bias in GBP/USD is turned neutral first with current retreat. Risk will stay on the upside as long as 55 4H EMA (now at 1.3288) holds. Above 1.3384 temporary top will target r 1.3459 resistance. Firm break there will argue that whole correction from 1.3867 has completed, and target 1.3657 resistance for confirmation. However, sustained break of 55 4H EMA will bring deeper fall to retest 1.3139 low instead.
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.
