I still view this to be a near term bear market rally and Cable is now encountering a series of key overhead barriers to gains.
The overnight rally high was at $1.6556 and hit resistance again around the falling 200 hour moving average. There is also a band of price resistance between $1.6540/$1.6565. The downtrend resistance currently also comes in around $1.6570.
I have placed my stop at $1.6585 (41 pips) to give some room above the downtrend resistance, also above the neckline resistance at $1.6581.