The failure of Cable to break to new lows mid August raised careful hopes that a low could be in place which is currently being questioned though as the market still not far away from key-support at 1.2866 (daily trend/August low).
Only the defense of the latter would keep the door for a potentially missing C-wave up to 1.3647 if not to 1.3994 (int. 38.2 % on 2 scales) open.
A break below the August low at 1.2866 would on the other hand call for a straight extension to Fibonacci-projections at 1.2687 and at 1.2400 where the start window for a recovery would open again.
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