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CFDs are complex financial instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. CFDs are complex financial instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

GBP/USD: Unchanged for the session

UK GDP flat for the quarter, manufacturing PMI up next.

GBP Source: Bloomberg

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.

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GBPUSD TA Source: IG charts

IG client* and CoT sentiment for GBP/USD

GBPUSD sentiment Source: IG charts

GBP/USD Chart with retail and institutional sentiment

GBPUSD chart Source: IG charts

*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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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.

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