The pound sterling gave way as it weakened sharply against the dollar.
Losing over 4% on the day, GBPUSD fell to the lowest levels since 1985.
This comes as the 1.2000 handle broke away and offered little support.
Price action in the GBPUSD is now near 1.1600. If this level holds, we might see a reversal in the short term.
However, it is a bit too early to expect any meaningful retracements.