The pair was already looking vulnerable but we are starting to see things pick up now with a break below 140.00 and that marks a big psychological blow for buyers, who have held on to a more bullish outlook in the pair for the longest time.
This is the first time since the start of September that the pair has traded below 140.00 and the technical picture doesn't look pretty whatsoever:
A fall back towards 135.00 is easily on the cards and we might even course correct towards the 200-day moving average next (blue line), considering how long it has been since the last meaningful technical correction in the pair.