GBP/USD: Employment figures the next item in focus
Retail bias shifts again, back in majority short territory following yesterday’s move higher.
GBP/USD Technical analysis, overview, strategies, and levels
The greenback was in serious retreat yesterday before clawing back some lost territory, in the process taking GBP/USD's price back below yesterday's 1st Resistance level and aiding conformist reversal strategies. In terms of UK inflationary data, CPI (Consumer Price Index) grew by 0.6% with its core (which excludes energy and food) rising by a larger than expected 1.4%. PPI (Producer Price Index) data was mixed, and RPI (Retail Price Index) matched estimates of 1.1% growth. We've got the last of the UK’s main data this week today in the form of employment data, and the BoE's (Bank of England) Governor Bailey will be speaking tomorrow.
IG client* and CoT sentiment for GBP/USD
Yesterday's moves enticed longs into closing out and shorts into initiating, causing retail bias to shift again, this time from a previous majority long 51% to a now majority short 55%.
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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