Hard to get in the way
The GBPUSD is trading at new 20 month lows as it seems likely that a no-confidence vote will be eminent. It is hard to get in the way of such news, but it is no surprise now.
Technically, a lower trend line on the hourly chart comes in at 1.2461 (and moving lower). A move below that line, opens up the downside for more selling. Hold and all the bad new may be out (although that is really hard to say). Maybe there is a short covering rally, but it is hard to get in the way.
What we do know is it is getting cheaper to go on vacation to London.