The rise of cable started from 1.3654 is corrective in nature and has probably finished at 1.4228. If this is the case, one should expect a deeper correction or direct fall below 1.3654. My working count is presented on the chart and it suggests further decline which could be impulsive or corrective. As long as cable stays below 1.4020, I would favor the impulsive scenario while in a case of a break above it € the corrective scenario. I do not want to lower the stop loss very close to the current market so I put it just above 1.4114 high
Trading strategy: 10:10 EST; 14:10 GMT
Short position from 1.4036, move the stop loss from 1.4140 to 1.4120, change the target from target 1.3855 to 1.3840
Trading strategy: 03:20 EST; 07:20 GMT
Sell at market (1.4036), stop loss - 1.4140 (stop and reverse), target - 1.3855
This analysis has only informational and educational purpose and does not represent a proposal for buying or selling currency contracts.