- https://www.ft.com/content/0bf83e29-5ee2-415e-9e03-0edb38218bf3
The market has been moving towards to bullish on US Dollar since the FOMC meeting in June as they have announced the planning of tapering and rising interest rate in the following year which gave a confidence boost to USD Which has been shown in the USD pairs and consider the fact that DXY has recently touched the 3 years now and starting to reverse.
For GBPUSD, It has been pulled back to the same high of 1.3980-1.4000 which can be considered as resistance. And the market did react to that as on Friday there has been a sell-off from the resistance area.
Although it seems that GBPUSD has turned into a bearish market, it is still in a bullish structure as the current low is still above the last low.
If my analysis did came true, we shall see a sell-off all the way back to low 1.28 even 1.22-1.23
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Disclamier: I have a short position opened against GBPUSD