GBP/USD: Closes above its 100-day MA
Retail bias shifts to majority short, percentage bias close to that of CoT speculators.
GBP/USD Technical analysis, overview, strategies, and levels
Another day with the US dollar in retreat meant a finish higher for GBP/USD's price with the pound's performance amongst the FX majors largely in the middle. The gains took its price for a cross and close above its 100-day moving average but kept prices within yesterday's key pivot points with a near breach of its 1st Resistance level. Nothing has been confirmed thus far with regards to any potential compromise on the Brexit front between the EU and the UK, and a lack of significant UK data means risk and the greenback may play a larger role especially with the latter's significant employment data being released today and tomorrow. Should the euro rise further, and it may aid European currencies in the process and hence traders may need to note the euro's affect from the ECB's (European Central Bank) decision today.
IG client* and CoT sentiment for GBP/USD
Meanwhile, retail bias has shifted from the middle to majority short.
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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