Pair’s repeated failure to sustain below 1.41 amid rising bottoms on hourly RSI indicates prices could see a corrective rally to 1.4192 (61.8% of 1.3835-1.4770). A violation there would expose 1.4243 (5-DMA).
On the lower side, a failure to take out/near hourly 50-MA followed by a break below 1.4090 would reinforce bears and shift risk in favor of a drop to 1.4030 levels.
Economic data release in the UK – employment and average weekly earnings – is once again likely to be ignored in the wake of Brexit uncertainty.