Trend Daily Chart
21 HR EMA
55 HR EMA
Trend Hourly Chart
13 HR RSI
14 HR DMI
Consolidation with downside bias
1.2183 - Last Thur's high
1.2155 - Hourly res
1.2106 - Mon's high
1.2042 - Tue's low
1.2015 - Mon's fresh 30-month trough
1.2000 - Psychological sup
GBP/USD - 1.2057..Although the British pound rose fm Asian low at 1.2045 to session highs at 1.2101 ahead of NY open on upbeat UK inflation, price then pared its gains n retreated sharply to 1.2051 near NY close on risk aversion.
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 confirms major low has been made. Sterling's fall to a 20-month bottom of 1.24 12 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 30-month trough at 1.2080 at the start of Aug, then to 1.2015 on Mon suggests said fall fm 1.4377 would head to 1.1983 (2017 low in Jan), oversold readings on daily indicators may keep price abv 1.1823 (2.618 ext. of 1.3383-1.2866 fm 1.3177). On the upside , only abv 1.2190 suggests temp. low is finally made n risks 1.2300, then 1.2382.
Today, as y'day's retreat fm 1.2101 suggests recovery fm Mon's fresh 30- month trough at 1.2015 has ended at 1.2106 the same day, consolidation with downside bias remains for a re-test of said sup, however, 1.1990/00 should hold n yield correction. Only abv 1.2106 would risk stronger retrace. to 1.2155.
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