GBP/USD: GDP figures released this morning
Retail long bias rises as shorts get enticed into closing out, stands exact opposite CoT short bias.
GBP/USD Technical analysis, overview, strategies, and levels
The pound was an underperformer yesterday against the FX majors, with its price making its way to a lower finish, despite calls for further fiscal stimulus and infrastructure spending. Its bear trend line on the daily chart remains intact as its bear trend technical overview in the short-term continues to stall on what has been a lack of intraday follow through on most days since its descent from the 1.27s, with its daily ADX (Average Directional Movement Index) showing an ongoing propensity to trend as opposed to its weekly ADX. Final GDP (Gross Domestic Product) and current account figures will be released later today, though expect the US dollar to experience a potential touch of volatility when the US Federal Reserve's Powell testimony begins.
IG client* and CoT sentiment for GBP/USD
In sentiment, retail long bias is up a notch to 62% as shorts get enticed into closing out, and is now exactly opposite CoT (Commitment of Traders) speculators who are at a majority short 62%.
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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