Having extended the October-November range base by 20 pips on Nov 8, GBP/USD now finds the 1.3012 October high and five-week range top under pressure.
The bounce, with higher daily lows each day, has been largely driven by positive polls for PM Johnson's government, which continued over the weekend nL5N27W0GZ.
The Click here had the Conservatives at 41% and Labour 29% at Monday's close, ahead of the party leaders' election debate at 8pm Tuesday in London.
Johnson prepared for the encounter by ditching plans to cut corporate tax, using the money to boost National Health spending to similar levels to those of the Labour Party nL8N27Y2N1.
Johnson is a charismatic speaker, but can be error-prone, while Labour's Corbyn often struggles to communicate to those not committed to his left-wing vision nL4N27V36B.
The debate has the potential to spark volatility.
A stalemate would probably result in the government maintaining its lead in the polls and a firmer GBP.
Corbyn needs to turn the tide or Boris to implode, for the polls to significantly change and hit sterling hard. A test of the 1.3012 range top looks viable.
A close above would open the door to 1.3168, 50% of the 2018-2019 fall.
gbp2 nov 19 Click here