GBP/USD: Retail bias shifts to the middle
CoT bias drops to a slight majority long 53%
GBP/USD Technical analysis, overview, strategies, and levels
With the US dollar the worst performer amongst the FX majors, GBP/USD's price managed to finish higher for the week, though here too offering little beyond last week's Weekly 1st Resistance level on a relative lack of volatility. In economic data, last Thursday's GDP (Gross Domestic Product) showed contraction for the month of February, and expectations are for successive and far worse contractions to be a theme in the coming releases. A holiday in the UK will mean trading will likely remain light, and a lack of UK data throughout the week means other factors will be at play. In coronavirus news, the UK PM has left the hospital, and the nation's death toll crossed 10,000.
IG client* and CoT sentiment for GBP/USD
The latest figures out of the CFTC show larger speculative traders reducing their long bias to 53% on a larger reduction in pound long positions (by 5,895 lots) than shorts (by 4,595 lots), and with retail bias shifting to the middle.
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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