GBPUSD was slaughtered over night as Theresa May confirmed Britain would trigger article 50 in Q1 2017. Monday's close was the worst daily close since 1985 and this does not bode well for the pound. Pair is currently treading water less than 40 pips from the July/30 Year spike low at 1.2790. A break below there would target the 161.8 extension at the shocking 1.2385 level. Expect fierce selling interest on any short term bounces. Daily close above 1.3 invalidates.