GBP/USD dipped to 1.3211 last week but quickly recovered. Initial bias is turned neutral this week first. Risk will stay mildly on the downside as long as 1.3442 short term top holds. Below 1.3211 will target 55 D EMA (now at 1.3058).
In the bigger picture, price actions from 1.3433 are seen as a corrective pattern to the up trend from 1.3051 (2022 low). Rise from 1.2099 could either be resuming the up trend, or the second leg of a consolidation pattern. Overall, GBP/USD should target 1.4248 key resistance (2021 high) on decisive break of 1.3433 at a later stage.
In the long term picture, price actions from 1.0351 (2022 low) are seen as a corrective pattern to the long term down trend from 2.1161 (2007 high) only. Outlook will be neutral at best as long as 1.4248 structural resistance holds, even in case of strong rebound.
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