• Pair has dropped over a cent since early Asia test of 1.4989 (Fri high)
  
  
• 1.4856 is 50% retracement of Friday's rally from 1.4722-1.4989
  
  
• GBP has negative risk for UK election event, hung parliament seen
  
  
• If SNP holds balance of power after May 7, GBP would be badly affected