GBP/USD’s rally resumed and the break of 1.3459 resistance argues that whole correction from 1.3867 has completed at 1.3139. Intraday bias is back on the upside for 1.3657 resistance for confirmation. For now, risk will stay on the upside as long as 1.3339 support holds, in case of retreat.
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.
