The GBPUSD has moved below broken trendline support on the hourly chart above at the 1.6244 area. This should be a concern for those buyers who purchased on the break of the trendline on Friday (see chart above). Traders will be watching for further momentum from here with the next main downside targets between 1.6198 to 1.6184.

On the topside, if the momentum from the London trading is to continue today, the sellers would like to see the 1.6247-54 hold on a correction. This would keep the price below the late Friday low and also within the 38.2%-50% of the last momentum move down (see chart below). A move back above this area would negate the bearish attempt this morning and give the bulls further upside potential.