How much further will the GBP/USD drop?

In today's analytical review, our attention turns to the GBPUSD pair, colloquially known as 'cable', which has been caught in a notable downward trajectory, particularly in recent days. The unfavorable performance throughout September, compounded by a lackluster August, prompts an essential question: how much further can this pair potentially descend?

The initial signs of distress surfaced towards the tail end of July and early August. This was marked by the breach of two critical uptrend lines, highlighted in blue and red. Since that pivotal juncture, the descent has been palpable. In fact, this September has largely been characterized by a seemingly relentless drop. Presently, the currency pair finds itself at its nadir since the 17th of March.

From a technical standpoint, the immediate downside target appears to be the 38.2 Fibonacci retracement level, which looms tantalizingly close. While a bounce from this level is conceivable, it's worth noting that a mere recoil from the 38.2 level will not significantly alter the prevailing sentiment. A genuine shift towards optimism would necessitate a breach of the green line, representing a midterm downtrend. However, as of now, the likelihood of such an eventuality seems rather remote.