It's not only GBPUSD under attack today

If it's been painful for the cable bulls to watch unfolding events then it's been no better for the Aussie $ longs, indeed GBPAUD is higher again on the day, up 200 pips to 2.0860.

A perfect storm of Chinese turmoil, AUDJPY selling, EURAUD buying and other cross pair plays have all combined to send the core pair down through strong support at 0.7000 after staging an early rally on EURAUD selling to post 0.7060.

Reports of stops being triggered below that level have seen a low post of 0.6980 before running into the next layer of bids/support

Currently 0.6990 we can expect rallies to be sold into 0.7000 initially with more supply at 0.7020. Bids at 0.6950 strong should we breach the 0.6980 area.

Key Sept lows at 0.6900 a target for the bears but beware the cross-play crossfire