GBP/USD’s late rebound and breach of 1.3549 resistance suggests that fall from 1.3594 has completed as a corrective pullback. Rise from 1.3140 should be ready to resume. Initial bias is now on the upside this week. Break of 1.3594 will target a retest on 1.3787 high. For now, risk will stay on the upside as long as 1.3332 support holds, in case of retreat.
In the bigger picture, up trend from 1.3051 (2022 low) is in progress. Next medium term target is 61.8% projection of 1.0351 to 1.3433 from 1.2099 at 1.4004. Outlook will now stay bullish as long as 55 W EMA (now at 1.3118) holds, even in case of deep pullback.
In the long term picture, for now, price actions from 1.0351 (2022 low) are still seen as a corrective pattern to the long term down trend from 2.1161 (2007 high) only. However, firm break of 1.4248 resistance (38.2% retracement of 2.1161 to 1.0351 at 1.4480) will be a strong sign of long term bullish reversal.
