Thomson, Thomas Cook, Monarch and easyJet are the main airlines that fly directly from the UK to Luxor, and all have some flights in the next few weeks. This is high season in Egypt, and half term in England will be in the next 2 weeks. It is to be expected that a lot of seats and packages have already been sold. Those with seats will no longer be able to cancel and get their money back as a result of this FCO advice even if they would prefer not to travel. I would expect many to travel, rather than losing the whole cost of their holidays.
There are still seats available on these flights, and if there are cancellations then there will be more seats on offer. At the moment these seats are not being significantly discounted, but it is possible that there will be little demand from last-minute travellers. It is possible that very significant reductions will be made, right up to the last minute. The links to the relevant web-sites are:
easyJet
Thomson
Monarch
Thomas Cook
Try the Luxor West Bank web site for details of hotels, with prices from about £10.00 p.p.p.n. including breakfast. These hotels are locally owned so you will be directly benefitting the local economy.
(15 Feb) £249.00 (7 nights) £319.00 (14 nights)
(17 Feb) £179.00 (7 nights) £259.00 (14 nights)
(19 Feb) £199.00 (7 nights) £259.00 (14 nights) - why has it gone up? Manchester flights are 179/209 the same dates.