GBP/USD: Pound underperforms as EU-UK trade tussle goes public
Technical overview on the daily consolidatory ahead of UK employment data.
GBP/USD Technical analysis, overview, strategies, and levels
The first of significant data this week out of the UK will be released today, with employment figures expected to show an ongoing increase, its unemployment rate unchanged at 3.8%, and wage growth a notch lower to 3.1%. On the Brexit front, the French Foreign Minister predicted a battle between both the EU and UK on the trade front, remarks that have done little thus far to aid appetite for the pound or euro, with the pound the clear underperformer in the FX market and sending GBP/USD’s price lower for the session. While the long-term overview is bullish, the short-term as seen on the daily chart is looking more consolidatory and its price has thus far failed to cross above its 50-day moving average, the last of its main daily long-term moving averages.
IG client* and CoT sentiment for GBP/USD
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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