CFDs are a leveraged product and can result in losses that exceed deposits. Please ensure you fully understand how CFDs work and what their risks are, and take care to manage your exposure. CFDs are a leveraged product and can result in losses that exceed deposits. Please ensure you fully understand how CFDs work and what their risks are, and take care to manage your exposure.

GBP/USD: A range-bound session befitting its current technical overview

Pound relatively outperforms in the FX market but fails to best the dollar.

GBP/USD Technical analysis, overview, strategies, and levels

UK data yesterday showed employment gains and keeping its unemployment rate at 3.8% with wage growth a few notches below expectations at 2.9%. As for GBP/USD's price, it too enjoyed gains early on in the session before retracing back down, failing to reach yesterday’s 1st Resistance in a relatively rangebound session befitting its current consolidatory technical overview where all its main daily technical indicators remain neutral. With employment figures out of the way, CPI (Consumer Price Index) is up next expected to show an increase to 1.7% overall and at its core by 1.5%.

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IG client* and CoT sentiment for GBP/USD

Retail bias is little changed and a couple notches higher at a majority long 63%, slightly above that of larger speculative traders according to last Friday’s CoT (Commitment of Traders) report.

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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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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