GBP/USD has turned higher again after brief consolidations, putting the intraday bias back on the upside. A firm break of 1.3459 would signal the correction from 1.3867 is over and open the way toward 1.3657, while the broader uptrend from the 2022 low keeps medium-term direction pointed up.
GBP/USD's rally from 1.3139 has resumed after brief consolidations, and the intraday bias is back on the upside. The near-term question now is whether buyers can clear the next hurdle overhead.
The levels that decide the next move
A firm break of 1.3459 would argue that the whole correction from 1.3867 has completed, turning attention to 1.3657 resistance for confirmation. That break is the trigger the pair needs to prove the pullback is finished.
On the downside, the picture is less committal. A move below the 1.3321 minor support would put the bias back to neutral first, stalling the recovery rather than ending it.
The bigger picture stays bullish
Zoom out, and the price action from 1.3867 reads as a corrective pattern within the broader up trend from the 1.0351 low set in 2022. As long as 1.3008 support holds, the medium-term bullish case stays intact, and a break of 1.3867 would favor a later push toward the 1.4248 key resistance marked by the 2021 high.
The downside caveat is clear. A firm break of 1.3008 would open a deeper fall to the 38.2% Fibonacci retracement of the 1.0351-to-1.3867 move at 1.2524, raising the risk of a bearish reversal.
Source: ActionForex
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