The dominant pattern is the 3 wave rally from 1.9841 to 1.9997. This is a bearish pattern but today?s high at 1.9961 must hold in order for bears to remain in control. That pattern could very well be a B wave within a larger A-B-C decline from 2.0131.
If this is the case, then Cable is likely to slip to the 100% extension of 2.0131-1.9841/1.9997 at 1.9709 before mounting any significant rally attempt. Again, 1.9961 is key. Moving averages favor the downside as the 10 day has crossed below the 20 day and the pair closed below the 20 day SMA yesterday.