GBP/USD: A crash within a crash, down to 1.1440

• After a brief pause, pound resumes the slide to fresh multi-year lows. 
• GBP/USD down 300 pips in an hour, drops 500 pips so far on Wednesday. 

The pound crashed on Wednesday amid risk aversion across financial markets, becoming the worst performer among majors on a terrible day for many currencies. The US dollar was rising sharply, with the DXY at three-year highs above 101.50, having the biggest daily gains in years. 

The GBP/USD pair was already down 300 pips and accelerated the decline falling to 1.1446, the lowest since 1985. As of writing, was trading at 1.1530, 12% below last week high. 

In Wall Street, the circuit breaker was activated after the S%P 500 reached -7%. Activity will resume soon. Markets remain in panic mode.