The short-term price action feels like classic consolidation and more gains look likely. That said, there will now be plenty of trailing stops below 1.6750 and it will only take one piece of bad economic data out of the UK to trigger those stops.
EUR/GBP is also at interesting levels, trading quietly below .8250 but with the bears salivating at the thought of a break below .8150.
Back to the cable, I’m looking to buy intraday dips to 1.6770 with relatively tight stops. My target is 1.7000.