Cable was on the front foot in early Europe but fell well short of anticipated level of 1.46. The bird clocked a high of 1.4571 before retreating below hourly 200-MA.
The sell-off gathered pace as expected after the pair breached support at 1.4514 and thus fell to a low of 1.4470 before recovering to 1.45 levels.
Hourly chart still shows and oversold RSI, which means the possibility of a recovery exists. However, intraday bias turns bullish once pair recovers above 1.4548 (23.6% of 1.3835-1.4770).
Till then offers are anticipated with increased risks of pair falling to 1.4440-1.4430 levels.