GBP/USD: A consolidatory session befitting its current overview
Rangebound session for the pound, retail bias remains majority long but drops slightly.
GBP/USD Technical analysis, overview, strategies, and levels
With equities making fresh (and in some cases record) highs, the high-beta currency was in for a move higher towards yesterday's 1st Resistance level, but where all its main technical indicators (on the daily overview) remain neutral and combined with a non-trending ADX. While the oscillations on the daily chart stand somewhat in contrast with the weekly's slightly more bullish overview, breakout strategies can't be ruled out in the event volatility picks up and risk-related moves witness another surge. A dearth of significant UK data today and tomorrow will mean US CPI (Consumer Price Index) figures and tomorrow's retail data may affect its USD side.
IG client* and CoT sentiment for GBP/USD
In sentiment, retail while still heavy long has dropped by 3% to 67%, still higher than the more moderate majority long bias held by institutional traders at 56%.
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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