Sterling slumps as UK PM May calls off Brexit vote in the parliament

Sterling dipped to new 2018 lows (also the lowest since June 2017) against US dollar on Monday after UK PM May unexpectedly announced pulling a parliamentary vote on EU/UK Brexit deal.
Surprise news hit sterling as Brexit drama gets fresh twist, with rising concerns about disorderly Brexit which could have strong negative impact on UK economy.
Sentiment soured further and could drive pound further down, as today’s cancellation of parliamentary vote, could spark stronger panic- sell-off, despite official sources said that the vote was postponed but not cancelled.
Today’s close below former 2018 low at 1.2661, would be strong bearish signal for continuation of larger downtrend from 1.4376 (2018 high, posted on 17 Apr).
Bears eye initial target at 1.2588 (21 June 2017 trough) and could extend towards 1.2508 (Fibo 76.4% of 1.1930/1.4376 ascend).

Res: 1.2661; 1.2695; 1.2742; 1.2796
Sup: 1.2611; 1.2588; 1.2508; 1.2418