GBP/USD: Consolidatory moves fail to offer pivot point action
UK manufacturing and lending data tomorrow.
GBP/USD Technical analysis, overview, strategies, and levels
Although GBP/USD's price finished higher, it had more to do with the US dollar weakening across the board in the FX market than the pound rising, as it also underperformed against more high-beta and commodity currencies. Its price failed to reach either of its key pivot points yesterday running in contrast with expectations of a Fed event that usually causes more volatility in the FX market. However, with the risk-on mood improving combined with any further significant greenback weakness, and the pair's price might have a chance at clawing back territory lost in March. The attention today will primarily be on the Eurozone with US unemployment claims thereafter, as UK manufacturing and lending data will be released tomorrow.
IG client* and CoT sentiment for GBP/USD
In sentiment, the lack of upside movement has seen retail longs exit sooner, with majority long bias dropping to a slight 53% as of this morning.
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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