Cable’s sideways action around key support at 1.4578 amid rising channel formation on hourly chart indicates room for another attempt at 1.4617-1.4638.
A rebound from rising channel support could trigger a quick fire rise to 1.4617-1.4638 levels.
Conversely, a break below rising channel support would expose hourly 50-MA support now seen at 1.4519.
Overall, bullish invalidation is seen only if larger rising trend line support is breached.