Since the brexit vote cable has been trading lower and lower and there seem to be no compelling reasons to buy this.
Evidently its not the end of the world (sideways move after the bottom at 2794) supporting the thesis for cable to have found temporary bottom at 1.2800
In terms of stats, cable is close to the extreme of the year which also support the thesis for cable to stay in sideways mode and risk for a short squeeze.
The plan is to buy cable as close to 2900 as possible / WS1 zone 2880s and target 1.3100
Bears can take another shot at 3080 / 3100