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Sterling has already suffered hugely post-Brexit, with IN_GBPUSD reaching a new 31-year low, while the pound has reached near three-year lows against the euro and yen.
However, the UK remains in a state of economic flux, where the instability and uncertainty driven by the June referendum result is likely to drive further downside in the months and even years to come.
With that in mind, we pick through three of the top sterling crosses as a means to find long-term targets with a view to further weakness in the pound.
The pair has managed to breach a crucial zone of support last month, as the referendum result drove price to a new 31-year low. We have seen the pair subsequently fall past a crucial trendline support, with the 76.4% Fibonacci support retracement now coming into play.
It is highly likely that this will not be the end of the rout, with a break below the 76.4% retracement likely to spark another bout of losses. The distinct lack of support levels below $1.29 means that it makes sense to look towards key handles such as $1.25 and $1.20.
The fact that we have so few key support levels in view, it makes sense that we see a relatively consistent downtrend in play should the pair break below this Fibonacci support.