Earlier in the week, the cable dropped to 1.15, which were levels last seen in 1985, and it's very close to new all-time lows. The dollar index surged to new all-time highs as the USDJPY pair broke back above 110, and the EURUSD declined below 1.07. Commodity-linked currencies also cratered.
In times like these, technical analysis is usually useless; that's the fact. If the pair drops below today's lows of 1.14, we could see a quick deterioration toward the 1.10 mark.
On the upside, the resistance seems to be in the 1.20 area, and if bulls push the pound above this level, the short-term outlook could change to bullish, targeting the 1.22 threshold.
As previously said, volatility is extreme everywhere, so be very cautious when trading nowadays.