With Brexit news looming over the Pound, we've seen this pair drop to it's lowest price in 2 years. According to the IG Client Sentiment data, 77% of retail traders are long and have been since May. The bullish bias does suggest that more downside moves are to come. On top of that, there is a lot of uncertainty around the UK's new Prime Minister (Boris Johnson). In US news. The Federal Reserve will more than likely cut the key interest rate by 25bps on Wednesday July 31st which should give the Pound some relief. On the technical side, We can see a key support price (1.2150) dating back to early 2017. A rejection of this level could take price back up to 1.2400; however, if we get a strong close below this key area of support, that will open up more downside potential. The next major area of support is found at 1.2000. It's best to sit on your hands until the dust settles after tomorrows FOMC meeting. Happy Trading!