Cable is consolidating in uninspired fashion in the 1.6420 area after stalling twice in the 1.6470/75 region the last two sessions. Uptrend support comes in at 1.6395 on the hourly charts while a break below overnight lows at 1.6356 can be viewed as triggering a double-top pattern. The measured move objective to the downside would be 1.6235.
On a fundamental note, the UK says it will delay major spending decisions on new nuclear submarines until next year. If this is read as spending restraint, it could be somewhat sterling positive.