I think we may have a little more downside to the GBPUSD before we will take out the 1.7000 mark. Looking on the weekly chart we could drop quite a bit (should there be a correction which I believe we may see). I think a healthy correction is required for the overall uptrend to remain healthy. As I have stated before I am bullish on the cable, but nothing goes up (or down) in a straight line. I am currently going short and have been doing so since above 1.6950. I do think we could see a correction down to 1.6590 before we tackle the next hurdle.
Who isn’t bullish on the cable? 
Tomorrow we’ll get the CPI data. I’m really psyched.
CPI came in a bit higher and I still think we may see an interest rate hike out of the BoE in their last meeting of 2014 or first meeting of 2015 unless something drastic will change.