GBP/USD: High-beta currencies outperform while US dollar lags
BoE’s Carney seemingly backs government spending plan that could reduce need for a rate cut.
GBP/USD Technical analysis, overview, strategies, and levels
Yesterday's UK data showed preliminary GDP (Gross Domestic Product) for Q4 unchanged, but where other data showed a surprise trade surplus, and GDP for the month of December grow at a faster than expected pace following the month before's contraction. As for the BoE's (Bank of England) Carney, he made mention that the current budgetary stance by the Finance minister could reduce likelihood of a need for rate cuts out of the central bank, though whether it could sway members from voting in favor of a rate cut in the coming months as money markets (just barely) majority price in a rate cut in July remains yet to be seen. With UK data out of the way, the technical overview has remained somewhat consolidatory and where the bulk of its main daily indicators remain neutral.
IG client* and CoT sentiment for GBP/USD
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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