As the flow guy never ceased to impress upon us, there were a lot of clever sellers lined up between 1.5225/50. Now that the market is consolidating below previous weekly lows (now resistance) at 1.5250, the outlook is turning at least technically bearish.
Interbank positioning reports suggest that the market is still quite short of GBP, so this is one factor which suggests that further losses might be limited.
Sounds like range-trading to me and as I always liked 300 pip trading ranges in cable, 1.4950/1.5250 sounds like a reasonable bet.