Intraday bias in GBP/USD is turned neutral first with current retreat. Above 1.3418 will extend the rally from 1.3135 to 61.8% retracement of 1.3675 to 1.3135 at 1.3469 next. However, break of 1.3294 support will turn bias back to the downside for retesting 1.3135 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.
