GBP/USD is capped below 1.3418 resistance despite current rebound. Intraday bias remains neutral first. On the upside, above 1.3418 will resume the rebound to 61.8% retracement of 1.3675 to 1.3135 at 1.3469 next. On the downside, below 1.3271 will bring retest of 1.3135 low.
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.
