GBP/USD ‘s rise from 1.3008 resumed last week by breaking through 1.3567 short term top decisively. Initial bias stays on the upside this week for retesting 1.3787 high. Firm break there will confirm larger up trend resumption. On the downside, below 1.3536 minor support will turn intraday bias neutral. But retreat should be contained well above 1.3342 support to bring another rally.
In the bigger picture, price actions from 1.3787 (2025 high) are seen as a correction to the larger up trend from 1.3051 (2022 low). That might have completed at 1.3008 already. Firm break of 1.3787 will confirm up trend resumption. Next target is 1.4284 key resistance (2021 high). This will remain the favored case as long as 1.3008 support holds.
In the long term picture, as long as 1.4248/4480 resistance zone holds (38.2% retracement of 2.1161 to 1.0351 at 1.4480), the long term outlook will remain bearish. That is, price actions from 1.3051 are seen as a corrective pattern to down trend from 2.1161 (2007 high) only. Nevertheless, decisive break of 1.4248/4480 will be a strong sign of long term bullish reversal.
