GBP/USD has resumed its upward momentum after briefly surpassing 1.3418, extending from the 1.3135 level. The immediate bias now points to further upside, aiming for the 61.8% Fibonacci retracement of the decline from 1.3675 to 1.3135, which corresponds to 1.3469. A sustained breach above this level could open the door to testing the 1.3675 resistance. For now, bullish sentiment remains intact as long as the 1.3271 support level holds.
From a broader perspective, the recent price action above 1.3867 appears to be a corrective move within the overall uptrend that began at the 2022 low of 1.0351. The medium‑term bullish outlook is supported by the intact 1.3008 support level. A break above 1.3867 would favor further progress toward the key 2021 resistance at 1.4248. Conversely, a decisive breach of 1.3008 could trigger a deeper correction, targeting the 38.2% retracement of the 1.0351‑to‑1.3867 rise at 1.2524, raising the risk of a bearish reversal.
In the long term, the market will stay bearish as long as the 1.4248‑1.4480 resistance zone (the 38.2% retracement of the 2.1161‑to‑1.0351 decline) remains intact. In this view, the rise from 1.0351 is regarded as a corrective pattern within the broader downtrend that started at the 2007 high of 2.1161. However, a clear break above the 1.4248‑1.4480 area would signal a potential long‑term bullish reversal.
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