1.2221 - Thur's NY low.
1.2162 - Wed's low.
1.2114 - 61.8% r of 1.1934-1.2406.

GBP/USD - 1.2263.. Trading cable was tricky in Thur's 'roller-coaster' session. Although price fell in tandem with euro to 1.2171 in Europe, an upside beat in UK PMIs triggered short-covering rally to 1.2294 in NY b4 retreating.

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 Feb suggests a major low is made. Despite hitting a 3-year peak of 1.4250 in Jun 2021, subsequent selloff to a 23-month 1.2156 low in mid-May may confirms long-awaited correction has occured. Although cable staged a short-covering rally to 1.2666 in late May, last week's fall to 1.2302 signals correction over below 1.2156 would head to 1.2000. Only abv 1.2517 risks 1.2600.

Today, cable's fall fm 1.2406 (Thur) to 1.2162 on Wed signals 1st leg of correction fm Jun's 2-year 1.1934 low has ended n subsequent bounce to 1.2314 Wed would bring choppy consolidation. As long as 1.2314/24 holds, downside bias remains, below 1.2162, 1.2114 Mon. Only abv 1.2342 may risk gain twd 1.2406.

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