Ths sharp break lower to 1.1450 has bounced equally smartly, with GBP/USD recovering to post a close above 1.2400.
Consolidation is now highlighted, as short-term studies stabilise, but the longer term trend remains decisively bearish, with further losses looked for in the coming weeks.
Support is at historic congestion around 1.2000, with a break opening up the 1.1880 low of May 1985. Further slippage towards 1.1450-1.1500 cannot be ruled out, as monthly studies remain bearish and investor sentiment deteriorates still further.
Resistance is at the 1.2796 low of August, but any break above here should find difficulty reaching congestion around 1.3000, as investors maintain a sell-into-strength strategy.