Since GBPUSD broke below a 6-month rising trendline, the price fell into a range.
However, the range was somewhat a falling channel where the market just kept trading lower with lower highs and lows.
As the presidential election began, and especially right after the first presidential debate between Trump and Biden, the market is feeling more uncertain of the outcome and thus risk sentiment picks up.
With risk sentiment climbing, the dollar started to regain strength and that essentially means that risk-on currency such as the pound will depreciate further.
And not forgetting that the UK is still facing a lot of uncertainty with its Brexit deal.
There's simply too little reason for pound to stay strong.
However, the range was somewhat a falling channel where the market just kept trading lower with lower highs and lows.
As the presidential election began, and especially right after the first presidential debate between Trump and Biden, the market is feeling more uncertain of the outcome and thus risk sentiment picks up.
With risk sentiment climbing, the dollar started to regain strength and that essentially means that risk-on currency such as the pound will depreciate further.
And not forgetting that the UK is still facing a lot of uncertainty with its Brexit deal.
There's simply too little reason for pound to stay strong.
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