• The cross managed to defend nearly 2-1/2-month-old ascending trend-line support on the back of stronger UK retail sales and oversold conditions on the 1-hourly chart.
• The mentioned support coincides with 50-day EMA and should now act as a key pivotal point for the pair's next leg of a directional move.
• Meanwhile, technical indicators on the 4-hourly chart maintained their bearish bias and are on the verge of breaking into the negative territory, suggesting further downside.
• Traders, however, now seemed to wait for the latest BoE monetary policy decision before placing any aggressive bets for any further near-term depreciating move.
• A convincing break below the mentioned confluence support, leading to a subsequent weakness below the key 145.00 psychological mark will confirm a near-term bearish breakdown.
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