GBP/USD: Both CoT and retail sentiment shift
Retail bias shifts to majority long, CoT shifts to an opposite majority short 51%.
GBP/USD Technical analysis, overview, strategies, and levels
GBP/USD's price failed to live up to its volatile technical overview despite fundamental UK data last week, as its key technicals continue to show conflicting signals with its price below all its main weekly moving averages, but combined with a positive DMI (Directional Movement Index) and a trending ADX (Average Directional Index). On most days the movement has been consolidatory befitting its Daily consolidatory technical overview, while on the weekly it briefly broke past last week's Weekly 1st Support before aiding contrarian reversal strategies instead. In political news, UK PM Johnson returns to work today.
IG client* and CoT sentiment for GBP/USD
Lastly, in sentiment, there's been a shift in bias on both fronts, with retail traders shifting from a slight short 53% at the start of last week to a slight long 51%, while larger speculative traders according to the latest CoT (Commitment of Traders) report have shifted from majority long to majority short on an increase in shorts by 3,852 lots and a reduction in pound longs by 760 lots.
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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