It might not feel that way but GBP/JPY was the best trade this month
GBP/JPY climbed nearly 3% in the month.
The gain had been as much as 5% but declines in 5 of the past 6 days erased a chunk of the gains. That likely colors what was a strong month for the pair as no-deal Brexit fears dissipated and the trade war ebbed.
Looking at the big picture, the September gain looks like a standard bounce after a sharp fall starting in March. The buyers came in ahead of the 2016 lows to relieve oversold conditions.
I find it hard to separate the fundamentals and technicals here. Clearly Brexit is in the balance in the month ahead and how that goes will determine whether we break down through the 2016 lows or continue to trace out a double bottom.