GBP/USD: Unchanged for the session
UK GDP flat for the quarter, manufacturing PMI up next.
GBP/USD Technical analysis, overview, strategies, and levels
Despite ending the session close to where it started, intraday volatility was high yesterday and sent GBP/USD's price breaking through yesterday's 1st Support level and aiding conformist breakout strategies initially for a 40+ point gain, before USD weakness on the US Federal Reserve's FIMA (Foreign and International Monetary Authorities) repo facility announcement took GBP/USD's price back up and aided contrarian reversals. In UK data, GDP (Gross Domestic Product) was flat for Q4 with its current account deficit narrowing, and up next attention will be on final manufacturing PMI (Purchasing Managers Index) figures expected to show contraction given the effects of the current coronavirus storm. There will also be significant US data, meaning even if pivot points don't break early on in the day, they'll be less likely to hold towards the US session should the results veer heavily from expectations.
IG client* and CoT sentiment for GBP/USD
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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