Cable is coming down sharply from 1.3220 area where pair can be looking for a top of an ending diagonal as pair took out the lower trendline support. However, that's still not a five wave fall from the high to confirm a reversal but we will be looking for more weakness for sure if pair will stay weak by the end of the day. In fact, downside potential would be huge then.
Cable moved to a new high last week, but still very slowly so we suspect that resistance is not far away. But the personality of a price action suggests that this can be an ending diagonal here in wave C that can be now in final stages. Resistance is at 1.3200-1.3250. For a confirmed reversal keep an eye on 1.3050 as break of the swing low would confirm a top.
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