GBP/USD failed to break through 1.3594 resistance last week and turned sideway. Initial bias remains neutral this week first. Further rally is expected as long as 1.3332 support holds. Firm break of 1.3594 will resume the rebound from 1.3140 to retest 1.3787 high. Decisive break there will resume larger up trend.
In the bigger picture, up trend from 1.3051 (2022 low) is in progress. Next medium term target is 61.8% projection of 1.0351 to 1.3433 from 1.2099 at 1.4004. Outlook will now stay bullish as long as 55 W EMA (now at 1.3118) holds, even in case of deep pullback.
In the long term picture, for now, price actions from 1.0351 (2022 low) are still seen as a corrective pattern to the long term down trend from 2.1161 (2007 high) only. However, firm break of 1.4248 resistance (38.2% retracement of 2.1161 to 1.0351 at 1.4480) will be a strong sign of long term bullish reversal.
