After the bad GDP data from the UK, the pair has declined more than 270 pips so far. A few moments ago, the cable was trading at 1.6376 dollars per pound, as our first target is at 1.6300. If the pair gets closer to that level, it could find support for a new rebound up to 1.6400.

The Bands of Bollinger show a 370 pips volatility in the hour, while the RSI is clearly oversold. If the trend remains to the downside, the 200-day MA could consolidate with the price.