GBP/USD: CoT majority short bias rises
Retail bias also majority short, shifted from majority long last week.
GBP/USD Technical analysis, overview, strategies, and levels
While most days have been relatively consolidatory for GBP/USD's price, late last week's movement aided conformist breakout strategies on the weekly with a move past last week's 1st Resistance level, and aiding contrarian reversals on the way back down. For the week, the pound finished higher against most of the FX majors, and with the US dollar the underperformer kept its price close to its 50-week moving average. A couple UK PMIs (Purchasing Managers Index) will be released over the next couple of days, but it's Thursday's BoE (Bank of England) that'll likely be the key item this week for the pound.
IG client* and CoT sentiment for GBP/USD
As for trader sentiment, retail sentiment has shifted (again) and is back in slight majority short territory, while larger speculative traders according to last Friday's CoT (Commitment of Traders) report increased their majority short bias to 55% on an increase in shorts by 7,240 lots outdoing an increase in longs by 1,939 lots.
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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