GBP/USD: Pound outperforms for the session on reduced likelihood of no-deal Brexit
Early election polls and reports of a pledge to support PM Johnson’s Brexit deal aid the pound’s daily bull trend technical overview.
GBP/USD Technical analysis, overview, strategies, and levels
When it comes to positive technical bias, GBP/USD's price gains yesterday certainly were in line with its current technical overview that needs little to shift to an initializing bull trend as it outperformed compared to the remaining FX majors, with its price now near its short-term resistance level. The catalyst has been the reduced likelihood of a no-deal Brexit, with election polls showing the Conservative party on a stronger footing, and reports that its candidates have pledged to support PM Johnson’s Brexit deal if elected. This week's data is low-impacting at best, with CBI's (Confederation of British Industry) industrial trends survey set to show ongoing contraction.
IG client and CoT sentiment for GBP/USD
However, price gains have been a boon for retail traders holding majority long bias, with that bias dropping 3% and nearly in the middle on enticing longs into taking profit. That stands in contrast with larger speculative traders according to the latest CoT (Commitment of Traders) report, who have witnessed price moves against their majority short bias.
GBP/USD Chart with retail and institutional sentiment
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