A right royal blowout in the quid so what happens now?

"Ours is not to reason why, ours is but to sell and buy". That's one from my learned colleague sitting in the county known as the Garden of England

To quickly add to Mike's post, for me the reasons for a move do not matter right at the second it moves. We could just have easily seen that drop on a BOE comment or scores of other events. That's trading and the outcome is the same, and so we must try and trade accordingly

Whatever the reason for the fall before the data, it is what it is and now we need to look and what happens next

The indecision now is between going below 1.5230 or breaking above 1.5255,

GBPUSD H1 chart

That's a trade in itself. Go with the break and a stop on a break of the opposing level. That's gives you around 25-30 pips of risk. Of course you could wait for a confirmation of the break before entering then

Further below 1.5200/10 is stronger support. Above, 1.5300 is resistance