The Bloody Pound after Brexit: The pound has been plunging after the Brexit vote. This was the anticipated reaction to the UK voting to leave the EU. Some say that the the risk aversion and the pound bashing are overreactions. Others believe the pressure will be here for a while. Then you have people like me, who just want to get out of the way for now, but is ready to buy the pound when the time comes. GBP/AUD 6/28 Daily Chart (click to enlarge)Uncertainty: I don't want to have an opinion right now. This is a time when opinions are abound. I want to see these opinions manifest into price action before making any trading decisions regarding GBP and risk in general.Downside Risk; Upside Risk: For GBP/AUD, I see a falling knife. So while I think 1.80 is a key level, I don't want to buy it here. The current bearish momentum might push the pair towards 1.75, which is within a critical support/resistance pivot area seen in the daily chart. If price stalls in this area (around 1.75-1.77), and we get a bullish divergence against the RSI, I would consider buying with a target to 1.80 (the sticky level). I would limit the bullish outlook to 1.8290 (April and previous 2016 low). There could be an argument back to 1.8850 area, the start of another support/resistance pivot area, but for now. I would not count on it, but I would leave a small position to "explore" this potential.