Last Update At 17 Sep 2020 01:07GMT

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Daily Analysis

Choppy consolidation to continue


1.3054 - Aug 24 low (now res)
1.3035 - Last Thur's high
1.3008 - Y'day's high (Reuters)


1.2919 - Mon's high (now sup)
1.2876 - Y'day's low
1.2842 - Tue's hourly sup

GBP/USD - 1.2938... The British pound rallied fm 1.2878 in Europe to session highs at 1.3008 on UK's Internal Market Bill optimism b4 retreating sharply to 1.2938 in post-FOMC trading on usd's strength.

On the bigger picture, despite cable's brief break of 2016 post-Brexit low of 1.1491 to a near 35-year trough of 1.1412 in mid-Mar on safe-haven usd's demand following almost free fall in global stocks, sterling strg rebound to as high as 1.2812 (Jun) on broad-based usd's weakness suggests low has been made. Although price later rallied to an 8-month peak of 1.3482 on the 1st day in Sep, subsequent sharp decline n this week's break of Aug's 1.2982 low due to growing market jitters of a hard Brexit confirms top is made n price should head back to 1.2691 (38.2% r fm 1.1412) in late Sep/Oct. On the upside, only a daily close abv 1.3176 signals temp. low is made n may yield gain twd 1.3319 b4 down.

Today, as y'day's sharp retreat fm 1.3008 to 1.2938 signals recovery fm last Thur's 6-week trough at 1.2763 has ended there, downside bias remains for weakness to 1.2919. On the upside, only abv 1.3008 would risk stronger retracement of decline fm Sep's 8-month peak at 1.3482 twds 1.3054/56.


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