GBP/USD: Outperforms despite employment drop
Pricing data up next expected to show a drop in CPI and PPI figures.
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%.
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.
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.
Be sure to request IG’s Weekly & Daily Market Report when you open an account with IG Dubai and get access to the full information on the FX majors, commodities, indices, and Bitcoin.
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.
Start trading forex today
Find opportunity on the world’s most-traded – and most-volatile – financial market
- Trade spreads from just 0.6 points on EUR/USD
- Analyse with clear, fast charts
- Speculate wherever you are with our intuitive mobile apps
See an FX opportunity?
Try a risk-free trade in your demo account, and see whether you’re onto something.
- Log in to your demo
- Try a risk-free trade
- See whether your hunch pays off
See an FX opportunity?
Don’t miss your chance – upgrade to a live account to take advantage.
- Get spreads from just 0.6 points on popular pairs
- Analyse and deal seamlessly on fast, intuitive charts
- See and react to breaking news in-platform
See an FX opportunity?
Don’t miss your chance. Log in to take your position.
Live prices on most popular markets
- Forex
- Shares
- Indices
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.
