GBP/USD: Intraweek bullish moves undone, weekly technical overview remains bullish
Retail bias majority long but drops as long exits outdo initiation.
GBP/USD Technical analysis, overview, strategies, and levels
It was a mixed week for GBP/USD that started off strong and in line with its weekly technical overview of a bull trend only to stall and offer only some beyond last week’s Weekly 1st Resistance level. The retracement on Friday was due largely to USD strength but the pound also retreated alongside high-beta currencies, and expect the daily outlook to remain more volatile in the days (and weeks ahead). In terms of data, UK manufacturing continued to show contraction, as did construction on Friday. Services is up next today in what will be a light week for UK economic data, putting the focus more on where the greenback will reside.
IG client and CoT sentiment for GBP/USD
Retail bias started the week majority long in this pair, and they've had a decent chance to unwind following the bullish moves in the middle of the week, with long bias at a more moderate 63% at the start of this week.
GBP/USD Chart with retail and institutional sentiment
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