GBP/USD - 1.4190. Although cable briefly dipped to a 9-day low of 1.4092 in Asia y'day, price then rallied to 1.4140 in Europe, then to session highs of 1.4218 in NY on hawkish comments fm BoE's Vlieghe b4 retreating on profit-taking.

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. Although cable rallied to 1.3686 on the last trading day of 2020 following a last-minute EU-UK trade deal, then to a near 34-month 1.4241 peak in late Feb, subsequent fall to 1.36 70 in Apr signals temp. top is made. Having said that, cable's rise abv prev. Apr's 1.3919 high to 1.4009 (Apr) n last week's gain to 1.4233 may re-test 1.4241, break would extend uptrend fm 1.1412 twd 2018 peak at 1.4377 (Apr) in late Jun/Jul. A daily close below 1.4006 signals top made n heads twd 1.3801.

Today, cable's rally fm 1.4092 to 1.4218 y'day suggests pullback fm last Fri's 1.4233 high has ended n gai to Feb's 1.4241 high would be seen after consolidation, break would extend marginal gain, as hourly indicators would display bearish divergences, 1.4275/80 should cap upside. Below 1.4154, 1.4110/20.

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