Bigger picture, we have been bearish due to the 5 wave decline from 2.1160 to 1.9337 and the 3 wave advance from 1.9337 to 2.0396. Therefore, expectations have been for Cable to accelerate lower in a C or 3rd wave. The pair has declined but in a choppy fashion.
As long as price is below 2.0047, this bearish scenario remains a possibility. Ideally, price remains below 1.9842. If 2.0047 gives way, then we’ll propose an alternate.