GBP/USD: Risk-related currencies outperform
Traders await Brexit updates, UK services PMI released today.
GBP/USD Technical analysis, overview, strategies, and levels
The technicals are turning more positive for the pound with more of its key indicators beginning to flash green. And here too, GBP/USD's 1st Resistance level yesterday eventually broke after aiding partial contrarian reversals early on. Risk-related currencies have been outperforming as of late, and with the greenback in retreat has translated into further price gains even as traders await any Brexit updates. UK lending data was worse than expected yesterday with mortgage approvals plummeting and net lending going negative for the first time since 2012, and services PMIs out of the UK will be the next item released today expected to show ongoing significant contraction with a big sub-50 reading.
IG client* and CoT sentiment for GBP/USD
Despite the price gains, retail bias hasn't budged, opting to remain in the middle.
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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