Further decline is expected in GBP/USD as long as 1.3334 resistance holds. Current fall from 1.3675 will target a retest on 1.3139 low. Nevertheless, break of 1.3334 will indicate short term bottoming, and bring stronger rebound.
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.
