Intraday bias in GBP/USD is back on the downside with strong break of 1.3304 support. Further fall should be seen to 1.3158 support first. Decisive break there will extend the whole decline from 1.3867 to 100% projection of 1.3867 to 1.3158 from 1.3657 at 1.2948. On the upside, 1.3324 minor resistance will turn intraday bias neutral first. But outlook will remain mildly bearish as long as 1.3459 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.
SOURCE LINK : https://www.actionforex.com/technical-outlook/gbpusd-outlook/644374-gbp-usd-daily-outlook-2426/
