GBP/USD’s fall from 1.3557 continues today and intraday bias stays on the downside. Corrective pattern from 1.3867 high is extending with another downleg. Deeper fall would be seen to retest 1.3139 support. On the upside, above 1.3394 minor resistance 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.
