Unlike with some other pairs such as NZD/JPY, bargain buyers did not rush in to buy up GBP as vigorously after Brexit induced risk aversion calmed down. This is due to the fact that GBP itself was involved and traders were (and are) still worried about the long-term pressure on this pair. This hesitancy is clearly shown in the post-Brexit vote price action. If bargain hunting does materialize, a good short target entry would be from 1.4042 - 1.4089. The .50 fibonacci extension level created from the high and low, spanning the recent volatility, exists right between this short entry range.