GBP/USD was the biggest percentage loser last week
The US dollar was the top performer last week after a series of strong economic data points and growing optimism about a tax cut.
Meanwhile, the pound has suffered on political turmoil surrounding Theresa May and Brexit negotiations. The pair fell 2.48% on the week.
Technically, the drop below the 61.8% support level of the Aug-Sept rally is an ominous signal.
Ultimately, I believe fellow UK policymakers were realize that the Prime Minister is doomed but that it's about two years too soon to dump her, because whoever takes over will also take over the impossible job of negotiating a good Brexit deal.
Just this weekend, rumors are circulating that she's going to sack Boris Johnson, which is probably just fine for him. Distancing yourself from May and Brexit is a long-term winning strategy at the moment.
