Cable's drop to a new low last week occurred in only three waves from 1.3044, suggesting it’s likely part of wave "b" in a complex correction. Therefore, we are looking for a potential flat formation here in wave B, with resistance possibly at the 1.3044 to 1.31 area. We think there is a chance for a sell-off from there, especially if we consider that BOE can be looking for cuts and sound very dovish as latest inflation figures came out at 1.7%, down from 2.2%.
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