GBP/USD - 1.3363.. Cable traded sideways in Asia Wed b4 briefly rising to 1.3441 at European open, however, sterling then tumbled to 1.3339 in Europe, then to session lows of 1.3288 in NY on negative Brexit news b4 rebounding.

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 free fall in global stocks, sterling's rally to as high as 1.28 12 (Jun) on broad-based usd's weakness, then to an 8-month peak of 1.3482 on the 1st day in Sep suggests a major bottom is in place. Although decline to 1.2676 (Sep) due to market concerns of a hard Brexit signals temp. top is made, cable's rise to 1.3442 on Tue suggests pullback has ended n upside bias remains for a re-test of 1.3482, then 1.3566 in early Dec. On the downside, only below 1.3177 prolongs sideways swings n risks 1.3107, break would head to 1.3050.

Today, cable's rebound after selloff fm 1.3441 to 1.3288 signals 1st leg of correction fm Tue's 3-month peak at 1.3442 has ended n consolidation with upside bias is seen, only abv 1.3407 would head back to 1.3441/45. Only below 1.3288 risks stronger retracement of recent rise to 1.3265, possibly 1.3220/30.

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