GBP/USD: Pound underperforms as latest poll shows lead narrowing
Any hints of a hung parliament would dent the pair’s price, while the lack thereof would aid its positive technical bias.
GBP/USD Technical analysis, overview, strategies, and levels
While the pound was the top performer on Monday amongst the FX majors, it was at the bottom yesterday following a recent poll showing a narrowing of the Conservatives lead over Labour, and where any hint of a hung parliament would mean difficulty in finalizing Brexit. GBP/USD’s technical overview remains consolidatory but showing a touch of long-term positive bias, and combined with a trending ADX (Average Directional Index). Its price is above all its main long-term moving averages but below all its main short-term moving averages. Focus late yesterday was on US data, and that may remain the case today in the absence of any further polls combined with a dearth of UK data. Meanwhile,
IG client and CoT sentiment for GBP/USD
in sentiment, retail bias has inched back up to a majority long 60% as range-trading begins to take hold on an absence of significant trends
GBP/USD Chart with retail and institutional sentiment
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