Although the pair has quickly rebounded back to around 1.243 level but after the Pound collapse open the possibility to the downside of 1.2000 handle.
The low at IG was 1.14 - horrible broker :o
I agree with CSC - a lot more downside ahead.
I agree. We might see some retracement after such a massive drop, but for the moment the pair remains very bearish.
Wht do you mean youre long 
I can only speak for myself, but I wonât be opening long positions for the foreseeable future, it seems. The pair is testing 1.2200 and it looks like it will soon break below that level.
And it still crumble. I was talking about 1.24 being low with my cousin just a few days ago. Trading is a frustrating business.
It rebounded from 1.2100 but even that was just temporary. The pair is slowly dropping back towards that support. I think eventually weâll see it reach 1.2000.
Gbp/Usd although the pair is holding around 1.24 level, but bearish potential is clear.
The pair has been consolidating sideways above 1.2150 for a while now, and it has formed several spinning top bars on the four-hour time frame, so there might be some retracement in the near future, but I think that the overall trend remains bearish for the moment.
If you are a technical trader I would personally leave the cable alone for a while.
I work in a spread bet trading room and we are just seeing daily moves on cable strictly based around news comments, we just had a sqwark 30 mins ago that âMerkel has told EU leaders to close the door on back door negotiations on the UK until article 50 is triggeredâ Consequently the cable went down 40 ticks.
These sort of things are happening daily and they often have much bigger moves than that.
Thereâs nobody really buying cable at the moment and big institutions are predicting eur/gbp parity by next year.
Stay away from cable or be prepared to be dinked on regular noise.
Good luck
Mark
I still occasionally open positions on this pair, but very short-term ones. As you said yourself, itâs too dependent on fundamentals.
While technical indicators hold flat, but Brexit risk still exist and the pair well within bearish territory, further decline may continue. Next support level holds at 1.2169.
In GBPUSD, based upon technical and fundamental status, it seems to be very weak. I am having very pessimistic view on this currency pair. Although, we are seeing small minor rebounds every time it falls and those rebounds give good opportunity to enter in short position for this currency. Right now, 1.20 can provide minor support for this currency pair, but it would not be able to sustain here for much time. And once 1.20 is broken, the next level in my view would be 1.15 and even lower 1.10.
The pair broke below 1.2200 again, I think next target is around 1.2140, maybe even 1.2100.
Helped by the Dollarâs weakness, the Pound is back to correction movement around 1.23 level after hit todayâs high at 1.2354. I would wait until the Bank of Englandâs economic policy meeting this Thursday for my next trade.
A small gap down.
GBP/USD is climbing after forming several spinning top bars on the four hour time frame and rebounding from the support at 1.2380 and under different circumstances I wouldâve opened a long position, but with the US elections looming on the horizon I think I will refrain from any kind of trading.
The pair is testing the support at 1.2400. I think that if it breaks out below that level it will reach the previous low at 1.2351.
GBP/USD bounced off the support at 1.2420 that coincides with the (MA)89 indicator on the four-hour time-frame after forming spinning top bars above that level on both the daily and four-hour time frames. Next target is likely at 1.2600.
The pair seems losing its upward strength, risk turn towards the downside, break below Friday low 1.230 would suggest further decline towards 1.22 level.