Currency strategists at BNP Paribas recommend a short GBP/USD position at 1.6400 with a stop at 1.6590 and a target of 1.6040.
Their model suggests GBP/USD is overvalued. A few weeks ago, BNP said 2014 would be the year of the dollar and they see USD/JPY at 118 and cable at 1.58.