According to Axel Rudolph, analyst at Commerzbank, GBP/USD pair is still falling towards the February low at 1.2772, a drop below which would put the October low at 1.2696 on the cards.

“Immediate downside pressure will be maintained while no rise above the 200 day moving average at 1.2957 is seen. Next up is the May 10 high at 1.3048. Only if this level were to be exceeded, would we look for the 1.3185/97 April and current May highs as well as the 61.8% Fibonacci retracement to be retested. This currently looks unlikely. The cross will need to regain the 1.3217 January 25 high to introduce scope to the 1.3351/82 resistance area, made up of the February and March highs, where we expect it to struggle. Below 1.2772 we would allow for losses to the 1.2669 January 15 low and August low and possibly the 1.2609 78.6% Fibonacci retracement.”