GBP/USD has crumbled. 1.25 is a big support for cable, economists at ING report.

EUR/GBP can trade back down to the 0.8350 area

“Big support can be found at 1.25.” 

“Perhaps the only thing supporting cable at 1.25 is the fact that it has come a long way quite quickly. We cannot rule out cable breaking lower, but again we think this is more a dollar than a sterling move.” 

“Assuming that the Bank of England does not cave into the dovish minority at next week's meeting, we suspect EUR/GBP can probably trade back down to the 0.8350 area.”