GBP/USD - 1.3904.. Cable went through a 'roller-coaster ride in hectic Wed's session. Price ratcheted lower FM 1.3895 in Europe to 1.3845 b4 recovering but later spiked down to 1.3844 in post-FOMC NY b4 jumping to 1.3910.

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, price 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 suggests a major low is made. Despite hitting a 3-year peak of 1.4250 on Jun 01, selloff to as low as 1.3733 in Jul confirms long-awaited correction has occurred n last Tue's fall to 1.3573 suggests a stronger retrace. of MT upmove to 1.3566 would be seen but 1.3451 may hold. Only a daily close abv 1.3911 signals 1st leg of correction over, risks 1.4001.

Today, Wed's gain to a 2-week 1.3910 high on USD's weakness due to Fed's dovish hold suggests recent rally FM 1.3573 to retrace MT fall FM 1.4250 would extend to 1.3952, 'bearish divergences' should cap price below 1.3991. Below 1.3844 any time signals temp. top is made, risks retracement two 1.3787 later.

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