Technical analysts at Citi expect a pullback in cable after the failure to hold 1.70.

They recommend a short at current levels with a target of 1.6750 (near the 21-week moving average) and a stop at 1.7100.

They say tighter monetary policy is already priced in and that recent good news and good data for the pound has failed to move the pair higher, suggesting cable could be overbought.