GBP/USD: UK employment data released today
Fresh retail longs unwind on yesterday’s bullish moves, bias still majority long.
GBP/USD Technical analysis, overview, strategies, and levels
The greenback underperforming meant even if the pound didn't outperform against most of the remaining FX majors, GBP/USD's price managed to finish higher and undo most of the losses suffered last Friday. From a technical standpoint its price is still below all its main moving averages and its RSI (Relative Strength Index) in oversold territory, but if the risk-on atmosphere persists in equities and it could easily make a move back towards April's highs, aiding contrarian buy breakout strategies over conformist fading or sell reversal ones. We've got UK employment data today with plenty of significant UK data released over the next few days making technicals less relevant.
IG client* and CoT sentiment for GBP/USD
As for trader sentiment, the fresh longs that initiated on Friday's move were quick to unwind on yesterday's bullish moves, with majority long bias dropping from a heavy long 70% to 61% 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.
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