Daily Technical Outlook on Major - GBP/USD

GBP/USD - 1.3200..Cable swung wildly y'day as despite initial drop to session lows at 1.3160 in Europe on Brexit concerns, price rallied an to intra- day high at 1.3247 on reports of Parliament Brexit vote b4 retreating to 1.3165.

On the bigger picture, cable's rally fm 2016 31-year bottom at 1.1491 caused by a 'flash crash' on Brexit worries to 2018 21-month peak at 1.4377 in Apr confirms major low has been made. Despite subsequent fall to 1.2662 (Aug), then weakness to a 20-month bottom of 1.2412 at the start of Dec and gain to as high as 1.3218 in Jan due to Brexit optimism, then to 1.3351 in Feb suggests said MT fall has ended. The early rise to a near 9-month peak at 1.3383 in Mar signals upmove fm said 1.2412 low would extend to 1.3472 after consolidation, however, 'bearish divergences' on daily indicators would keep price below 1.3610.20. On the downside, only below 1.3000 indicates top is made, risks 1.2945, 1.2783.

Today, although cable has rebounded to 1.3224 in Aust. as UK lawmakers take control over Brexit process after y'day's retreat fm 1.3247 to 1.3165 n consolidation is in store, as said res was accompanied with bearish divergences on hourly indicators, bearishness remains, below 1.3160, 1.3081.