GBP/USD: Pound underperforms in the FX market, retail long bias rises
Retail data the next item on the economic calendar following yesterday’s CPI figures.
GBP/USD Technical analysis, overview, strategies, and levels
GBP/USD's price was in for a more volatile session yesterday, as although the release of CPI (Consumer Price Index) figures showed prices rise at a faster than expected pace by 1.8% overall, and by 1.6% at its core, it remains torn between UK data on the one hand, and trading barbs over a future trade deal with the EU on the other. UK retail data is up next expected to show slight expansion following last month's slight contraction, and then there are tomorrow's preliminary manufacturing and services PMIs (Purchasing Managers Index) to contend with. Its price has broken through yesterday 1st Support level as well as its 100-day moving average, and testing its more long-term bullish overview that has stalled heavily at these levels failing to offer upside movement thus far.
IG client* and CoT sentiment for GBP/USD
In sentiment, retail long bias has risen 6% into heavier long territories, standing now at 69%.
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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