The GBPUSD fell below the 61.8% of the 2 1/2 month range at the 1.54612 and also the low for the month at the 1.5459 level. From when it came today was somewhat important. The market found willing sellers against the 100 hour MA (blue line in the hourly chart below) and the underside of the channel trend line.
Looking at the 5 minute chart (see chart below), the market sold against trend line resistance and fell below trend line support at the start of the day to give traders the push to the downside. The first leg down, corrected around 38.2% before starting a new leg to new lows. The trend move on the 2nd leg is a bit weaker so far. However, the correction off the low has still been quite contained (less than 50% of the leg down. This keeps the bears in charge.
I would think that if the price can remain below the 38.2-50% of the last leg down at 1.5449-54, sellers are in firm control. The 1.5461 level will also be a level to ey on corrections. This was the broken 61.8% from the daily chart above.
