GBP/USD: Opening lower but finishing higher ahead of crucial vote today
Breakouts likelier given increased volatility.
The latest GBP/USD performance:
The pound may have started by gapping lower, but it swiftly closed the gap to Friday's close to finish higher for the day, as the latest Brexit updates included the speaker of the House refusing to allow a vote on Brexit as the government attempts to sort out Brexit before the end of the month. Low-impacting data out of the UK today, with the moves (and volatility) Brexit-related as the Prime Minister seeks to win two crucial votes today.
GBP/USD Technical analysis, overview, strategies, and levels
That is keeping its technical overview volatile even as all its main technical indicators are flashing green, enticing breakout (to the upside or downside) strategies over fading ones that are more prone to getting stopped out when price movement gets more erratic.
| Current Technical Overview | Volatile |
| Technical Overview Conformist Strategies | Buy 1st Resistance Upon Breakout From Below, Sell 1st Support Upon Breakout From Above |
| Technical Overview Contrarian Strategies | Sell 1st Resistance After Reversal, Buy 1st Support After Reversal |
| S/L for 2nd Resistance | 1.3151 |
| 2nd Resistance | 1.3115 |
| S/L for 1st Resistance | 1.3079 |
| 1st Resistance | 1.3044 |
| Relative Starting Point | 1.2972 |
| 1st Support | 1.2900 |
| S/L for 1st Support | 1.2865 |
| 2nd Support | 1.2829 |
| S/L for 2nd Support | 1.2793 |
IG client and CoT sentiment for GBP/USD
Sentiment going into the vote is a slight majority long 52% for retail traders, and an extreme short 79% for larger speculative traders as per the latest Commitment of Traders (CoT) report out of the CFTC released last Friday.
GBP/USD Chart with retail and institutional sentiment
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