The pair is trading down to 0.6857 on the day currently, its lowest level in a month as sellers look to take out the 5 August low at 0.6869 on the daily chart. The 38.2 Fib retracement level sits nearby at 0.6855 next but it’s tough to fight the momentum at the moment as risk stays on the defensive and the dollar continuing to pull ahead.

The next key test for the pair will be a look back towards 0.6700 potentially with the weekly chart underscoring technical support at a key trendline (white line) after the rejection of the 200-week moving average: