Following a strong rebound from the lows, GBP/USD is entering a consolidation phase just below the long-term downtrend line. The price remains above both the 34-period and 89-period EMAs, indicating that buying pressure continues to dominate in the short term.

Notably, the 1.3420 level is acting as a key support zone. Should the price pull back to this area and show signs of rejecting further downside, buyers are likely to step back in to retest the 1.3530 resistance level.

From a fundamental perspective, expectations of continued Fed policy easing are weighing on the USD, while stable risk sentiment supports major currencies like the GBP. These factors remain favorable for the GBP/USD short-term uptrend.

I favor a "buy" scenario upon a pullback to the 1.3420 zone, targeting 1.3530. As long as this support level holds, the current uptrend remains intact.