Cable has turned sharply lower this month from 1.2978, which has been technically expected after we identified a bounce up into a corrective wave 2. A decline has been quite strong and sharp especially from 1.2978 which can be even start of an extended wave three that may resume down to 1.2500 this week. On the other-hand any surprise and rise above upper channel resistance line will put this market back into bullish mode.
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