Cable has yet to break its low. “The continued decline in Cable makes the decline from 1.8675 in 7 waves, which is a double zigzag correction. The GBPUSD is in the exact same position as the EURUSD; a flat or triangle is probably underway.
Nothing is ever certain, but the weight of evidence suggests to me that a larger correction of the decline from mid July is more likely than a bearish break here. Evidence includes RSI (on this chart), and COT data.”