The cable started its downward journey making lower lows and lower highs. Traders withdraw their bets on the interest rate hike. The pair made a minor top at 1.7063 and the near support at 1.6920 levels. If the cable breaks the support, we can see some selling pressure for 1.6860 levels (50-day Sma). We can see some kind of direction only above 1.7063 or below 1.6920 levels. If the cable breaches 1.7063 (previous high), we can again see a new high at 1.71, 1.74 levels. The daily momentum oscillators are indicating a selling side.

For an intraday purpose, the cable is trading below the hourly moving averages. We can see a good up move only above 1.7006 for 1.7074, 1.7013, 1.7032, 1.7050 and 1.7060. On the down side, 1.6950 is an intraday key level, below this, we can see some selling pressure up to 1.6920, 1.69 and 1.6880 levels.

Buy above 1.7006.

Sell below 1.6950, panic is below 1.6920.