GBPUSD did get a bounce to relieve oversold conditions for a test of resistance at 1.6865. As predicted we did struggle here and this has so far held perfectly. However we could reach as far as a selling opportunity at 1.6900/05 today. Exit longs and try shorts with stops above 1.6930. Look for the next selling opportunity at 1.6955/60, with stops above 1.6985.
Failure to beat 1.6865 keeps the market under pressure for 1.6835 and below here a retest of 1.6810/0 lows. Below here the outlook remains negative and risks a move towards 1.6785/80 then 1.6740/30 before May/June lows at 1.6695/90 this week.