That trading range was broken earlier last week when Brexit fears crawled back into the markets.
The GBPUSD broke below 1.29 and for three days declined towards the 1.26 zone.
That violated last week's analysis that suggested that GBPUSD has chances to bounce to the top of the trading range.
On Thursday, all bulls where cleaned after a 700 pips flash crash that happened between the U.S and the Asian sessions
1.2 has been set as the bottom for GBPUSD
1.3 now turned to resistance and is the target zone for speculative bets on the GBP.