The pair has been falling sharply against the USD since mid October amid risk aversion. Price eventually test the final of the . Look closely to the recovery of risk assets like stocks & bonds for potential head for the British Pound due to similar risk appetite. On a final note, it is very important to follow up on news and new develops regarding Brexit negotiation.
Exhibit 1: IG Client GBPUSD Positioning
Exhibit 2: IG Client GBPUSD Sentiment