The Pound continues to retrace in an orderly course puncturing post Brexit lows. Looking at the weekly horizon post flash crash low is now the new trough connecting prior peaks beginning July 2014 extending into July 2015, as indicated by red trend line
. Price action is set to bounce from the consolidation range from 1.2170 level and seeking follow through towards the upper range level set at 1.2810. This is a sizable-gap & the move could be fast & furious if choppy conditions continue to dominate the market place.