The Chart shows a pair that broke out of balance to enter extreme volatility as the trend fails to assert itself. Volume has declined significantly after the break. The reversal to the downside was also on declining volume. Typical of a market lacking in confidence. Participants are waiting on new information.
I suspect Cable will rally into prior excess points 1.5600 and 1.5630 before any further bearish activity. If the rally is over cooked, then 1.5660 will be able a stellar selling area. An opportunity I will take on a sign of weakness. Good luck and let's make some money traders.