GBP/USD: CoT buy bias reaches heavy long territory
UK employment figures expected to show a slight improvement today.
GBP/USD Technical analysis, overview, strategies, and levels
The pound underperformed last week and ran contrary to what was a stalling bull trend technical overview on the weekly chart. Zoom into the daily however, and the overview has been more consolidatory awaiting any fresh Brexit updates. Focus is starting to shift towards UK economic data following last Friday’s retail contraction for its third consecutive month, and today's employment figures will be the next item to be on the look out for.
IG client and CoT sentiment for GBP/USD
Interestingly enough, larger speculative traders according to the latest CoT (Commitment of Traders) report have significantly upped their majority long bias, due to a massive reduction in pound shorts by 13,609 lots and an increase in pound long positions by 1,413 lots, taking the percentage long bias 8% higher and into heavy long territory resembling that of retail traders who hold a 66% heavy long bis.
GBP/USD Chart with retail and institutional sentiment
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