The Pound loses ground versus its main counterparts, especially versus the Dollar, amid the uncertainty surrounding the Brexit. It looks like the UK will be leaving the EU without a trade agreement in place. The GBP/USD breaks below a bearish channel on the daily chart and drops below the support at the 1.2660 level along with the 1.2600 level. The pair comes close to the 1.2500 zone which could act as support, but below the 1.2500 level, its next support could be the 1.2400 level. To the upside, in case of a pullback, the 1.2660 level could change from support to resistance. Another possible scenario is that the GBP/USD could stay consolidated between the 1.2500 level and the 1.2600 level.