The GBPUSD faced strong resistance when it approached a major supply zone around the 1.34 region.
Its rally against the dollar was confirmed to have ended when smashed downwards shortly into the September period.
Breakthroughs of important rising trendlines followed through as risk sentiment continued to build up which has led to a further rally for the dollar.
GBPUSD now faces a last line of defense at a 4-month rising trendline with no obvious buyers at the moment.
Putting dollar's rally aside, the pound is constantly facing pressure due to its brexit deal which seems very gloomy.
What we can see right now is that GBPUSD is most likely to revisit its brexit low at 1.20 in time to come.
Its rally against the dollar was confirmed to have ended when smashed downwards shortly into the September period.
Breakthroughs of important rising trendlines followed through as risk sentiment continued to build up which has led to a further rally for the dollar.
GBPUSD now faces a last line of defense at a 4-month rising trendline with no obvious buyers at the moment.
Putting dollar's rally aside, the pound is constantly facing pressure due to its brexit deal which seems very gloomy.
What we can see right now is that GBPUSD is most likely to revisit its brexit low at 1.20 in time to come.
