GBP/USD - 1.2563... Cable met renewed selling interest at 1.2666 at the start of last week n tumbled to 1.2480 the following day, price rebounded to 1.26 49 on Wed n then ratcheted lower to 1.2512 Fri b4 recovering to 1.2574 in NY.

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 on safe-haven usd's demand following almost free fall in global stocks, sterling strg rebound to as high as 1.2648 (Apr) on broad-based usd's weakness suggests low has been made. Although price fell to 1.2075 in May, price climbed to a near 3-month peak of 1.2812 in Jun. Although selloff to 1.2252 in late Jun signals MT uptrend fm 1.1412 has made a top, last week's strg gain to 1.2669 (Thur) suggests pullback has ended n as price has rebounded after y'day's selloff to 1.2480, upside bias remains for 1.2812 later this month. Only below 1.2480 risks 1.2439.

Today, cable's early rise fm Jun's 1.2252 low to 1.2669 in Jul suggests correction fm 1.2812 has ended, however, subsequent daily wild swings should bring further choppy trading, as long as 1.2649 holds, downside bias remains but below 1.2480 needed to head twd 1.2439. Abv 1.2649 would yield re-test of 1.2669.

Interested in GBP/USD technicals? Check out the key levels

1. R3 1.2653
2. R2 1.2614
3. R1 1.2591
PP 1.2551
1. S1 1.2528
2. S2 1.2489
3. S3 1.2466

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