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CFDs are complex financial instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. CFDs are complex financial instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

GBP/USD: Outperforms despite employment drop

Pricing data up next expected to show a drop in CPI and PPI figures.

GBP Source: Bloomberg

GBP/USD Technical analysis, overview, strategies, and levels

UK employment data yesterday showed more than 850,000 people losing their jobs, yet the unemployment rate dropped to 3.9%. The pound was a relative outperformer amongst the FX majors, and in turn taking GBP/USD's price to a higher finish but not before retracing off of yesterday's 1st Resistance (and roughly 50-day moving average) to aid conformist strategies on a lack of follow through beyond its key pivot point. Up next we get pricing data out of the UK, with CPI (Consumer Price Index) expected to rise at a slower pace, PPI (Producer Price Index) to remain negative and worsen, and HPI (House Price Index) expected to rise by 1.5%.

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GBPUSD TA Source: IG charts

IG client* and CoT sentiment for GBP/USD

Retail sentiment is little changed, with long bias rising instead of dropping, up a notch at 62% as of this morning.

GBPUSD sentiment Source: IG charts

GBP/USD Chart with retail and institutional sentiment

GBPUSD chart Source: IG charts

*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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This information has been prepared by IG, a trading name of IG Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients.
CFDs are a leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your initial deposit, so please ensure that you fully understand the risks involved.

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