GBP/USD: CPI figures up next
UK employment data showed another drop.
GBP/USD Technical analysis, overview, strategies, and levels
UK employment data yesterday showed another big drop with its previous reading revised lower, and a surge in the number of people claiming work-related benefits. The unemployment rate remained low and unchanged at 3.9%. For GBP/USD's price, it made a move above yesterday's 1st Resistance level but failed to offer much beyond it, coinciding roughly with the 200-day moving average that has managed to hold. That meant contrarian reversals offered plenty on the retracement in the pair's price at the expense of conformist breakouts. Technicals aside, we've got more fundamental data today in the form of CPI (Consumer Price Index) figures, though risk-taking may be limited as traders await tomorrow's Bank of England monetary policy announcement where technicals will hold little relevance.
IG client* and CoT sentiment for GBP/USD
Retail sentiment is little changed since yesterday's move, with majority short bias rising slightly to 53%.
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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