Cable fell sharply to the downside last week which has been technically expected after we identified a bounce up into a corrective wave 2 with limited upside near 1.2960-1.3000 as highlighted in past updates. A decline was very strong from there, so it may be only a start of wave 3 that can be headed to much lower levels, possibly even to 1.2450 for wave three of three. On the other-hand rise back above 1.2900 will likely suggest that decline from May highs was just a temporary correction.
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