The quid has been offered after the UK services PMI number heightened fears of a sharp slowdown in the second quarter. Cable is not fast approaching trend line support at 1.2884. 50-DMA is positioned at 1.2873. 10-DMA stands at 1.2864 and 1.2862 is the 38.2% Fibo retracement of the rally from 1.2589 to 1.3031.
An end of the day close below 1.2862 would also push the RSI below 50.00, adding to the bearish consensus.