You see the pair drifting through the sloping channel base line that was acted as a baseline from last 11 months or so.
Please be noted that the current price behaviour has shown whipsaws pattern on DMAs, well, considering brief upswings prior to this pattern slumps are most likely to resume.
Most reasonably, the selling momentum is confirmed by leading oscillators as well on both monthly as well as daily graphs.
on both daily and monthly converges the robust price dips (daily - below 37 & monthly - below 39), while %D crossover on slow still maintains even oversold trajectory that is one more signal for momentum to continue.
21EMA has just crossed-over 7EMA which is a signal for downtrend continuation, while no deviation from monthly , the lagging indicator also confirms the downtrend continuation.
So one can very well understand every price jumps would easily be wiped off by selling interests.
Hence, at spot ref: 1.7499 (while articulating) we advocate one touch binary puts for intraday speculators in an on-going environment that is likely to fetch certain yields as we observe 1D IVs are spiking higher with sky rocketed pace ahead of significant economic event by BoE (which is likely to ease with 25 bps in its ).