I tend to favour the range-trading consolidation theory for cable in the short-term, as it comes to grip with the post-referendum world. The GBP still looks good on the crosses with EUR/GBP looking likely to test important levels near .7750, so all it will take for the cable to rally is for the USD bulls to take a few sessions holiday.
1.6275/1.6515 are the obvious range edges and with support holding again overnight, I favour the buy-dip play intraday.
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