GBP/USD, unable to beat 1.6895/00 and broke 100 day moving average support at 1.6855 to signal the end of the bull trend. This did trigger big stops in the market as predicted, almost as far as our 1.6800/95 target. Although oversold, the outlook remains negative and a break below this support risks a move towards 1.6785/80 then 1.6740/30 before May/June lows at 1.6695/90 this week.
If we do get a bounce to relieve oversold conditions look for a test of resistance at 1.6865. We should struggle but if the pair continue higher look for a selling opportunity at 1.6900/05. Exit longs and try shorts with stops above 1.6930.