The GBPUSD fell nearly 100 pips in the North American session, hitting a daily low of 1.4727. The pair would subsequently consolidate at 1.4743, declining around 80 pips. The GBPUSD is eyeing initial support at 1.4683 and resistance at 1.4878.
The 1 hour chart points to downward momentum on the MACD. The RSI is also trending downward and is approaching oversold levels.
The market is preparing for an active Wednesday session that features UK employment data, Bank of England meeting minutes and the US Federal Open Market Committee (FOMC) rate statement.