The pair has rejected the resistances at 164.036 and 162.072 levels.

The current prices have drifted below 7 & 21DMAs, so downtrend would likely continue in long run.

Selling momentum is intensified as we can make out from the leading oscillators converging downwards along with the dipping prices.

RSI (14) trending below 42 levels that signals the selling interests.

A convincing %D crossover on slow stochastic from above overbought territory is one more substantiation for selling momentum is intensified.

On a broader perspective, it's been urged price declines ever since the pair formed "hanging man nd shooting star" patterns on peaks of uptrend monthly chart.

We are not isolating this signal, both leading and lagging oscillators indicate selling pressures.

Trade tips:

On intraday speculative basis, since implied volatility is very high on the eve of BoE's monetary policy, it is good to buy one touch binary vega puts favouring above bearish technical indication.

Alternatively, short term bears can stay short in mid month futures for targets upto 156.180 levels with stiff stop loss of 162 levels.