GBP crosses hit hard as trailing stops kick in; GBP/JPY technical support at 164.00

GBP/JPY was the main mover yesterday driven by a carnage of trailing stops across the board; USD/JPY stops below 101.70 were indeed sizeable, Cable stops post-data were also significant and of course the cross then started falling like a stone once it cleared 167.50.

Be aware that there is solid technical support in GBP/JPY near 164.00 (38.2% retracement and 100-dma).

EUR/GBP joined in the stop-loss fest but still remains in a solid medium-term downtrend.

Cable support should be very firm at 1.6220 but a break below there will unleash more trailing stops.