Daily axes: (S1) 1.3502; (F) 1.3557; (p. 1) 1.3660; more…
The intraday bias in GBP/USD remains to the upside at the moment. Rise from 1.3158 underway to expect 61.8% from 1.3158 to 1.3598 from 1.3453 at 1.3725 first. A strong breakout there will target a retest of the high price 1.3867. For now, the risk will remain on the upside as long as the support at 1.3453 remains in the offing.
In the bigger picture, the current development suggests that price action from 1.3867 is merely a corrective pattern within the broader uptrend from 1.0351 (2022 low). With support holding at 1.3008, the uptrend continues in the medium term and a break of 1.3867 returns in favor of a later stage, towards the main resistance 1.4248 (2021 high).
