Cable’s retreat to sub 1.30 levels after a bearish break from symmetrical triangle formation on the daily chart followed by a failed attempt to hold above 1.3056 (July 26 low) on Wednesday followed by a retreat again to 1.30 levels suggests it is only a matter of time before the bird falls to 1.2955-1.29 levels.
On the higher side, a daily close above 1.3056 would signal short-term bearish invalidation, although bulls are likely to come-in only above 1.3315 (23.6% of 1.5019-1.2789).