GBP/USD: Pound outperforms, another round of Brexit negotiations
Pair’s price shows more positive technical bias, but latest gains not buoyed by fundamental factors.
GBP/USD Technical analysis, overview, strategies, and levels
The pound was an outperformer yesterday amongst the FX majors, despite a lack of high-impacting economic data out of the UK and indices that were in relative retreat, with another round of Brexit negotiations initiated. The price increase and the finish higher in GBP/USD's price didn’t deter conformist sell-on-reversal strategies, which offered some off of yesterday's highs on the partial retracement. Most of its main technical indicators remain neutral with a non-trending ADX (Average Directional Movement Index), with its price above all its main short-term moving averages (MA) and its long-term MA's save for its 200-day resting above 1.267.
IG client* and CoT sentiment for GBP/USD
As for trader bias, retail sentiment hasn't dropped on the price gains but has done the opposite, rising a notch to a slight majority long 52%.
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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