GBP/USD: Pound outperforms, retail long bias drops
Surge into the mid-1.31s gives its technical overview more positive bias ahead of PMIs tomorrow.
GBP/USD Technical analysis, overview, strategies, and levels
There was little on the economic calendar yesterday out of the UK, with lending data showing public sector borrowing dropping and CBI's (Confederation of British Industry) orders contracting for the tenth consecutive month with a better than expected -22 reading. And while tomorrow's PMIs (Purchasing Managers Index) for the manufacturing and services sector will be closely watched, there's a dearth of data for today with the focus on the continent more on the ECB's (European Central Bank) decision and its effect on the euro. The surge into the 1.31s has taken its price above all its main moving averages, and giving its technical overview more positive bias.
IG client and CoT sentiment for GBP/USD
That stands to aid both retail and institutional traders who both hold majority long bias, the former’s longs enticed into taking profit and a drop in sentiment by 5% to 56%.
GBP/USD Chart with retail and institutional sentiment
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