GBP/USD: UK CPI figures up next
Retail bias shifts following yesterday’s move to majority long.
GBP/USD Technical analysis, overview, strategies, and levels
UK data was mixed yesterday with GDP (Gross Domestic Product) for the month of May well below estimates (its previous contraction revised higher), and where trade and manufacturing beat expectations. Despite the earlier plummet in the pound, GBP/USD's price managed to recover off of yesterday's 1st Support level as the greenback weakened later in the session and end the day little changed from where it started, in the process aiding the conformist strategy of buy at or before the key pivot point. We've got more UK economic data on the calendar with CPI (Consumer Price Index) figures set for release. From a technical standpoint, its main indicators are neutral, with a 50-day moving average (MA) cross over the 100-day MA occurring.
IG client* and CoT sentiment for GBP/USD
As for sentiment, yesterday's majority short 55% retail bias has shifted to a slight majority long 51% following the intraday dip.
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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