GBP/USD: Pound outperforms as latest poll shows a majority for Conservatives
Price moves in favor of retail longs, majority long bias drops.
GBP/USD Technical analysis, overview, strategies, and levels
The pound was the top performer amongst the FX majors, and by a healthy margin to say the least. The catalyst for GBP/USD’s price rise was the latest election polls showing an outright majority for the Conservative party heading into next month’s elections, which could aid in finalizing the Brexit saga once and for all. In terms of data, which will return to focus after Brexit, there's light UK data today followed by lending and money supply data tomorrow. The pair’s price is back above all its main moving averages and where nearly all its main technical indicators are flashing green. Breaching the ranges however will take more, especially if focus could shift back towards what has been dismal data out of the UK. 56%.
IG client and CoT sentiment for GBP/USD
On the sentiment front, the latest moves have been in favor of majority long retail traders, and the bias amongst them has dropped 4% on long profit-taking to a majority long
GBP/USD Chart with retail and institutional sentiment
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 prior to the European market open.
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.
See an opportunity to trade?
Go long or short on more than 17,000 markets with IG.
Trade CFDs on our award-winning platform, with low spreads on indices, shares, commodities and more.
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.