GBPUSD has found support at the 200 Moving Average and could bounce from here. A test of the upper falling trend line could be seen. If GBPUSD is breaking above the trendline a bullish move to the 0.382 retracement at 1.27 is quite likely
However, the upside potential seems fairly limited with the 55 Moving Average and 100 Moving Average coming down adding some resistanceIf GBPUSD breaks below 1.2430 the sell-off is likely to push the pair down to support at around 1.23
RSI is in negative sentiment without divergence indicating lower GBPUSD levels are likely thus a correction I very likely to be short-lived and limited.