Pair's retreat from 103.40 levels followed by a drop below blue trend line level indicates the corrective rally from post Brexit low may have ended and the currency pair could be on track to re-test psychological level of 100.00 this week.
The bearish view would gain credence if today's closing is below the blue trend line.
On the higher side, only a day end closing above 103.40 would signal bearish invalidation although for bulls to come-in, the pair needs to break above falling trend line (black).