GBP/USD declines continue
Further declines this morning have taken the pair into levels not seen since 1985. A yearly chart would suggest the next big level would be $1.1485, with the low of the year at $1.0250.
For the moment it seems the pair will be no respecter of oversold conditions on indicators, but a bounce back towards $1.2850 might provide a fresh selling opportunity.
PMI data from the UK might arrest the decline, but it looks like rallies will keep getting sold.