GBP/USD - 1.3767.. Cable continued to move in choppy fashion on Wed. Price edged lower to 1.3707 in Europe b4 rebounding to 1.3743 but only to drop to 1.3698 in NY b4 rising in tandem with eur/usd to session highs of 1.3767.

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 1.3753 in Jul confirms long-awaited correction has occurred. Although cable rallied back to 1.39 83 (Jul), last week's decline to 1.3602 would re-test 1.3573, break extends MT fall fm 1.4250 to 1.3460, then 1.3305/06 b4 prospect of a correction in Sep.

Today, upmove fm Fri's 1-month low at 1.3602 to 1.3767 Wed may head twd 1.3786, however, 'bearish divergences' on hourly indicators should cap price at 1.3800/10. Below 1.3732/36 would be 1st signal temp. top is made n head back to 1.3694/98, break would risk stronger retracement twd 1.3661.

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