Pound fell about a 100 pips under a matter of few hours after we kicked off. Pound/$ managed to close above the 0.236% retracement level on the previous H4 candle but I suspect we downside action hasn't concluded yet.If price breaks below the the support T.L in the centre of the channel.We may continue to see it decline to 50% retracement level.Where I see two scenarios playing out.Either we resume higher inside this trend channel or break lower causing the major bearish trend to resume.Currently prices are fairly above the 100 day and 50 day moving averages