Cable has never been the most technically accurate currency pair, probably because it’s been in one big range trading pattern for the last 30 years! Nevertheless, and especially with the increasing numbers of technically-based retail traders coming into the market, the big levels are still important.
The 61.8% retracement of the 1.6250/1.6825 rally comes in at 1.6470 and that level has held on the first few tries. There will certainly be tight stops below 1.6450 but I still like the buy-dip play.
Buy intraday at 1.6470 and medium-term players can buy any dips towards 1.6375 in my opinion.