Cable is coming lower, but the overlapping price action suggests that this is likely a corrective movement within the broader uptrend. However, there could be some further downside as the seven-swing drop is not fully completed yet. In that case, the 38.2% retracement level for wave 4 is around 1.3090, which is also close to the wave four of two lesser degrees, at 1.3079. This certainly appears to be a very interesting area for potential stabilization on the pound this week.
