One day the rates are going to rise Q4 2014, next they won't be till mid 2015.
Today UK releases CPI data that will be closely watched. A less than expected CPI number could break the back and send the pound 300 pips down to 1.6350
Currently, the pound has retraced to 61.8% level which is a good support. If this support is taken out following the announcement, there is a very good chance that 1.6350 will be visited in a relatively quick time.
The way to play this is wait till the announcement, let the market decide direction (that is no trade for 10 mins). If 1.6650 is indeed taken out, there should be decent bounce off 1.6600 that one could utilize to get the shorts in.
Stop loss at around 1. 6670 .