Looks like the Cable might start hatching out of it's bearish stranglehold at last. The Bullish 2.618 AB=CD pattern seems to offer a 'ladder' of sorts for price to commence a small medium term correction to the upside. I am convinced that there is still more potential to the downside, however, for that to be the case more sellers are needed from a little higher.
The key with this bullish correction - should it materialize - is patience and above all caution; trade with smaller lot sizes than usual in case there is a sudden drop to the downside again. Additionally, it might be worth while to wait for the RSI to cross and hold above the 50 level to ensure sufficient bullish pressure.
Keep a close eye on the 10 SMA, or any other MA of your choosing, to determine stop/ loss levels dynamically.
Trade 1 long (RvR ratio 2:1) Entry: Close above 1.3300 S/L: 1.3223 T/P 1: 1.3359 T/P 2: 1.3406 T/P 3: 1.3454
Trade 2 long (RvR ratio 2:1) Entry: Close above 1.3454 S/L: 1.3377 T/P 4: 1.3522 T/P 5: 1.3608 As always, scale out your profits and adjust stop/loss to suit your personal risk management profile.