Last week, the cable declined massively and is now just a couple of points above a daily support level 1.2697. We expect further bearish rally towards this support and should breakout even lower. The anticipated bearish price rally is the continuation of the impulsive wave (c) and should break below 1.2697 but should not go beyond 1.2148. If you’re a bit skeptic to look for a short position now, you can wait for a break below 1.2697 then pick a short position.Selling a break below 1.2697 will be a much safer sell.
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