Dollar strength is the story today
US dollar obituaries were written last week in a bizarre flurry of speculation after a relatively standard drop in the US dollar. There was far too much conflating the ultra long-term with the short term.
In any case, cable was always going to be most-vulnerable to a correction because of the 11-day one-way run that finally ended on Friday.
Now we're into a retracement phase where 1.2813 should act as solid support.