GBP/USD’s fall from 1.3675 continues today, and intraday bias remains on the downside. Rebound from 1.3139 should have completed as a three wave corrective move. Deeper fall should be seen to 1.3272 support and break will target 1.3139. For now, risk will stay on the downside as long as 1.3473 support turned resistance holds, in case of recovery.
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.
