GBP/USD: Relatively rangebound despite outperforming pound
Economic calendar light out of the UK for most of the week.
GBP/USD Technical analysis, overview, strategies, and levels
Although the pound outperformed and the greenback was a relative underperformer, the gains in this pair's price have been limiting and at least partially at risk of retracement this morning. The technical overview on the Weekly has been showing more signs of increased volatility (traces of the move from 1.30 to 1.14), but on the Daily the bulk of the moves intraday have been more limiting and where most of its key technical indicators are neutral combined with a non-trending ADX (Average Directional Index). The economic calendar is light out of the UK until Friday's manufacturing and lending data, and hence it'll likely be the US dollar and any risk-related moves keeping GBP/USD's price occupied.
IG client* and CoT sentiment for GBP/USD
As for trader sentiment, retail bias has risen but remains in slight majority long territory, at 54% as of this morning.
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.
Be sure to request IG’s Weekly & Daily Market Report when you open an account with IG Dubai and get access to the full information on the FX majors, commodities, indices, and Bitcoin.
This information has been prepared by IG, a trading name of IG Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients.
CFDs are a leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your initial deposit, so please ensure that you fully understand the risks involved.
See an opportunity to trade?
Go long or short on more than 17,000 markets with IG.
Trade CFDs on our award-winning platform, with low spreads on indices, shares, commodities and more.
Live prices on most popular markets
- Forex
- Shares
- Indices
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.
