The pair bounced off the support at 1.4470, which is EMA89 on the four-hour time frame, but I don't think this is the end to the move to the downside. In my opinion GBP/USD would test the support one more time at least, and if it breaks below it it will continue falling towards 1.4400.
You could get short for an easy ... errr .... 300 pips and I don't think it would give you too much trouble. BUT - there's so many little guys to make money on in between, almost not worth tying up your money for it.
The pair is moving between the support at 1.4400 and and the resistance at 1.4470, we'll have to see which one of these levels it will break below or above for range to end. Right now it's a little unclear what direction the pair will take.