Intraday bias in GBP/USD is mildly on the downside for the moment. Break of 1.3518 will extend the fall from 1.3675 short term top to 55 D EMA (now at 1.3467). Firm break there will indicate that whole rebound from 1.3139 has completed. On the upside, break of 1.3675 will extend the rally from 1.3139 to retest 1.3867 high.
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.
. Firm break there will indicate that whole rebound from 1.3139 has completed. On the upside, break of 1.3675 will extend the rally from 1.3139 to retest 1.3867 high.){kind=link}