GBP/USD: Pound outperforms but not by much
GBP/USD Technical analysis, overview, strategies, and levels
The pound was an outperformer in the FX market against the majors yesterday, but the gains were relatively limiting and failed to move beyond yesterday’s 1st Resistance level. UK services PMI (Purchasing Managers Index) was as expected with an above-50 expansionary 53.2 reading, and as such there was little to sway GBP/USDGBP/USD's price. A lack of significant UK data both today and tomorrow, but we will get a speech from the BoE's (Bank of England) Governor Carney later in the evening. From a technical standpoint, the majority of its key technical indicators remain neutral, so in the absence of any fresh Brexit updates and reversals may outperform prior to tomorrow's US Non-Farm Payrolls where pivot points may get breached on the release of the latest employment figures.
IG client* and CoT sentiment for GBP/USD
Retail long bias remains just that, but the percentage has dropped 6% to a heavy long 66%, similar to that of CoT (Commitment of Traders) speculators.
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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