Intraday bias in GBP/USD is turned neutral again with current retreat. Above 1.3508 will extend the rebound from 1.3300 to 1.3657 resistance first. Firm break there will resume the rally from 1.3158. However, break of 1.3412 minor support will turn bias back to the downside for 1.3300 instead.
In the bigger picture, current development suggests that price actions from 1.3867 are merely 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.
