GBP/USD: Pound outperforms against the FX majors, longs unwind
Technical bias remains positive, price gains entice fresh long positions into closing out.
GBP/USD Technical analysis, overview, strategies, and levels
In terms of recovery, GBP/USD's price managed to stage one to keep its technical bias positive, as it outperformed against the remaining FX majors and undid much of the losses it suffered last Friday that tested its technicals on the daily outlook. There was little on the economic calendar yesterday out of the UK whereby CBI (Confederation of British Industry) posted a better than expected – but still contracting – reading for the retail and wholesale sector, and where there will be little on offer for most of the week in terms of data out of the UK. Its technical overview remains positive, with the current attention on early election polls ahead of next month’s attention.
IG client and CoT sentiment for GBP/USD
The upside movement in its price has aided retail long traders, and the bias has dropped 6% to a majority long 57% on an unwinding of long positions.
GBP/USD Chart with retail and institutional sentiment
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