GBP/USD: CoT short bias drops as pound long positioning rises
Fundamental data out of the UK this week includes GDP, CPI, and employment data.
GBP/USD Technical analysis, overview, strategies, and levels
The pound was a relative outperformer last week in the FX market, besting the greenback and taking GBP/USD's price to a higher finish. It didn't manage to reach either of last week's Weekly pivot points though, and in turn failed to offer a play as its price crossed and closed above its 50-week moving average. More positive technical bias is building in the short-term, but there are bigger hurdles to cross in the longer term. And unlike last week's dearth of UK economic data, we've got plenty this week including GDP (Gross Domestic Product), CPI (Consumer Price Index), and employment, as well as the BoE's (Bank of England) Governor Bailey speaking later today.
IG client* and CoT sentiment for GBP/USD
In sentiment, the latest CoT (Commitment of Traders) report showed an increase in pound longs by 5,468 lots outdoing an 886 lot increase in shorts, and taking majority short bias in the pound lower to 59%.
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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