GBPUSD has formed a tweezer bottom at trend line constructed by joining the lows of 6th July and 15th August 2016. In addition it is a lower end of the range having a favorable risk to reward ratio for long positions.
We saw a good rally in SPX yesterday after the fed meet which lead it to retest the short term break down trend line. In technical terms we call it pullback. The spx going forward is likely to head lower towards 2120 levels and breach of this significant level would not be good for SPX bulls