Bearish view in weekly chart:

The Cable’s potential is the same as the Euro. Developing an impulsive wave A (circle), an (A) – Triangle (B) – (C) as corrective wave B (circle) and impulsive wave C (circle) in progress.

The decline from the 1.7157 high on July 2014 has the potential to be extended through the lower levels, to complete the Primary wave C (circle).

Under this bearish view, the five waves down could be labeled as extended wave (1), and the recent rebound as corrective wave (2) which has likely remained in progress. In this case, the waves (3), (4) and (5) to the downside lie ahead prior to the end of Primary wave C (circle).

An anticipated target for the overall decline is 1.2710, where wave C (circle) equals 0.618 times the length of wave A (circle).