GBP/USD: Pound wobbles on latest election poll
Latest poll showed narrowing lead for the Conservative party ahead of tomorrow's elections.
GBP/USD Technical analysis, overview, strategies, and levels
GBP/USD won't be spared the dual fundamental events set to shake both aspects of this pair, with the US dollar expected to get volatile depending on how the US Federal Reserve's (Fed) tone will be this evening, while the pound is in for possibly even greater volatility with tomorrow's UK parliamentary elections, where the latest poll shows the Conservative party’s lead narrowing. That means its current technical overview's conformist strategies are very unlikely to hold, with contrarian breakouts more ideal (if liquidity permits), and where a technical overview shift could easily be in store as it will be at the mercy of fundamental forces.
IG client and CoT sentiment for GBP/USD
Going into the events retail bias is near the middle at 53% short, while the latest showing out of the CoT (Commitment of Traders) report shows larger speculative traders holding a majority short 62%.
GBP/USD Chart with retail and institutional sentiment
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