Sterling continues to honor the downtrend line from mid July. Having just completed a bear triangle at the latest 38.2% retrace, the path of least resistance is again lower. The ultimate wedge target zone for this final wave-(5) down is near 1.58. S/t, wave-1 of (5) completed yesterday and now a reaction higher can correct to 1.6040/70 as a partial wave-2 retracement. After the bounce will look for a move to new lows in Cable. Conviction: Med/High Levels: Support – 1.5952, 1.5875, 1.5800 Resistance – 1.6040, 1.6070, 1.6088
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