The cable was slightly lower on Friday, but able to find the support around corrective channel line from 1.5266 low. However, the intra-day structure from 1.577 is in five waves, which means that corrective reversal from early June is finished! In such a case, an impulsive weakness should continue firstly below wave (X) where a break will cause bearish acceleration for 1.52.

Forex Analysis by Gregor Horvat at ForexPros. com