The GBPUSD now has an oversized 191 pips trading range. The average is 138 over the last 22 trading days.
Earlier in the NA session, the price fell below a swing area at 1.2808 to 1.2813. The price has been able to stay below that level and extend to a new day low at 1.27746. That was near the top of the swing lows going back to September 10 between 1.27614 and 1.27754. The pair has consolidate since bottoming.
Looking at the 5 minute chart below, the recent low did take out the previous intraday low but only by a few pips (around 4 pips). Are the buyers making a play? Are the sellers tired? If dip buyers do enter, getting above the 38.2% of the last leg down at 1.28112 and the falling 100 bar MA on the same chart at 1.28182 would be eyed for clues that the bottom is in.
Conversely if the lows are taken out between 1.27746 -1.27788, don't fight the trend. The next major target would be the 100 and 200 day MAs at 1.2725 area.