Intraday bias in GBP/USD remains neutral for more consolidations below 1.3418. Fall from 1.3675 should have completed at 1.3135 already. Further rise is expected as long as 1.3294 support holds. Above 1.3418 will target 61.8% retracement of 1.3675 to 1.3135 at 1.3469 next. However, firm break of 1.3294 will turn bias back to the downside for 1.3135 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.
