GBP/USD - 1.3694.. Cable went through a roller-coaster ride. Although price extended recent decline fm fell to a 6-week 1.3675 low at European open on usd's strength, the pair rebounded to 1.3733 but retreated to 1.3680 nr NY close.

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 2020 on safe-haven usd's demand following free fall in global stocks, sterling's rally to as high as 1.2812 (Jun) on broad-based usd's weakness, then to an 8-month peak of 1.3482 in Sep suggests a major bottom is in place. Although cable rallied strongly to 1.3686 on the last trading day of 2020 following a last-minute EU-UK trade deal, then to a 34-month peak at 1.4241 in late Feb, subsequent fall to 1.3675 Wed signals top is made n stronger retracement to 1.3636, then twd 1.3566 is envisaged. Only abv 1.4017 signals 1st leg of correction over, risks 1.4120/30.

Today, although cable's rebound fm 1.3675 suggests decline fm Feb's peak at 1.4241 has made a temp. low, as 1.3733 has capped recovery, consolidation with downside bias remains for weakness to 1.3645/50, 'bullish convergences' on hourly indicators should keep price abv 1.3610/20. Abv 1.3735/40, 1.3773.

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