GBPUSD breaks out of bear flag

The pound smashed through channel support overnight and sellers will be looking to drive the pair lower to the next support zone and multi-decade lows beyond there. Initial target is the support zone between 1.3120 and 1.3070, with a break below there targeting rising trend support above 1.2930. Expect fierce selling on any intraday strength. Breach of the upper bound of the former support zone at 1.3260 would invalidate.