Like the other major currency pairs, the GBPUSD is also moving sharply lower.  From a longer term perspective the pair is approaching the 50% retracement level of the move from the November 2005 low of 1,7049 to the November 2007 high of 2.1160.  That level comes in at the 1.9104. 

Looking more shorter term, on the upside, today, the pair has moved from a high of 1.9438 today to the low of 1.9189,  The 38.2% retracement of that range comes in at 1.9285.  In addition there are an intraday low and high that comes in at 1.9267.  I would expect that those that are caught long would be happy to square up before the weekend anywhere close to that level.    A break of the 1.9189 level would probe more toward the 1.9104 level.