Daily Technical Outlook on Major - GBP/USD

GBP/USD - 1.2215.. Cable resumed its recent losing streak on continued market fears of a no-deal Brexit n tumbled below Fri's 27-month trough at 1.2377 to as low as 1.2213 in NY on broad-based selloff in streling before stabilising.

On the bigger picture, cable's rally fm 2016 31-year bottom at 1.1491 due to a 'flash crash' on Brexit worries to 2018 21-month peak at 1.4377 in Apr con- firms major low has been made. Sterling's fall to a 20-month bottom of 1.2412 at the start of Jan suggests downside bias remains. Despite erratic rise to 1.3383 in Mar, cable break of Jun's 1.2507 low to a 28-month trough at 1.2213 on Mon suggests said fall fm 1.4377 would head twd 1.2110 but oversold readings on daily indicators may keep price abv 1.1983 (2017 low in Jan). On the upside, only a daily close bv 1.2588 suggests temporary low made n may risk stronger correction to 1.2662, then 1.2735 in Aug.

Today, y'day's selloff to a 28-month trough at 1.2213 signals MT decline remains in force n would head to 1.2170/80, as hourly oscillators are in o/sold territory, reckon price would hold well abv 1.2110 n yield a much-needed correct- ion. Only abv 1.2377/82 signals temporary low is in place.