The Cable plunges earlier today after French president François Hollande called for a hard Brexit for the UK. The GBP/USD fell 5% and hit 1.2000 level but recovered quickly traded around 1.2425 at the time I wrote this comment. The bias is neutral in nearest term. I will stand aside for now. As you can see on my daily chart below, price is making a hammer formation. Overall I remain bearish, but if the hammer formation confirmed by the end of the day, we may see a bullish correction/reversal next week.