GBP/USD: A range-bound session befitting its current technical overview
Pound relatively outperforms in the FX market but fails to best the dollar.
GBP/USD Technical analysis, overview, strategies, and levels
UK data yesterday showed employment gains and keeping its unemployment rate at 3.8% with wage growth a few notches below expectations at 2.9%. As for GBP/USD's price, it too enjoyed gains early on in the session before retracing back down, failing to reach yesterday’s 1st Resistance in a relatively rangebound session befitting its current consolidatory technical overview where all its main daily technical indicators remain neutral. With employment figures out of the way, CPI (Consumer Price Index) is up next expected to show an increase to 1.7% overall and at its core by 1.5%.
IG client* and CoT sentiment for GBP/USD
Retail bias is little changed and a couple notches higher at a majority long 63%, slightly above that of larger speculative traders according to last Friday’s CoT (Commitment of Traders) report.
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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