Tests the October 7, 2016 low price of 1.1840
The GBPUSD has just moved below the October 7, 2016 low price of 1.1840 (Bloomberg's low price on that day). That took the price to the lowest level since 1985. The low price reached to 1.1828 and has bounced back a bit (at least back above 1.1840). Once again, the 2016 low is from Bloomberg. Other lows may be different.
Drilling to the hourly chart below, the price fell back below a lower channel trendline. That trendline was broken yesterday and failed. The move below today is trying to stay below that level. Stay below is more bearish. Move above, and there may be more short coverering.
Fundamentally, Brexit issues, financial issues, coronavirus issues, health infrastructure issues, etc are all weighing on the pound. Sellers remain in firm control.
