GBP/USD: CoT bias unchanged at a majority long 53%
Retail bias an exact opposite majority short 53%.
GBP/USD Technical analysis, overview, strategies, and levels
GBP/USD's price only just reached last week's Weekly 1st Resistance, failing to move beyond it as volatility in the FX market dropped, even if the pound managed to best the US dollar in finishing the week higher. Intraday movement was even more rangebound, failing to aid neither conformist nor contrarian strategies late last week as volatility dropped. The main technicals for the pair's price are showing a conflicting story, with its price just below all its main long-term moving averages but with a positive DMI (Directional Movement Index) and a trending ADX (Average Directional Index). It's only a matter of time before its overview shifts and likelier to match that of its current short-term daily overview where technicals there are far more consolidatory. We get a string of significant UK data this week, starting with employment data tomorrow.
IG client* and CoT sentiment for GBP/USD
The latest CoT (Commitment of Traders) repot out of the CFTC shows the long bias in the pound unchanged at 53% with a reduction in both pound long and short positioning, and in exact contrast to the slight majority short 53% bias held by retail traders.
GBP/USD Chart with retail and institutional sentiment
*The percentage of IG client accounts with positions in this market that are currently long or short. Calculated to the nearest 1%, as of today morning 8am.
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