GBP/USD: Lack of Brexit updates keep the movement range-bound close to its short-term resistance level
Bull trend technical overview continues to stall as price movement fails to upend average daily ranges.
GBP/USD Technical analysis, overview, strategies, and levels
A combination of a lack of UK data and the upcoming December elections have meant there's been less for GBP/USD's price to go on, and its USD aspect was little affected by yesterday’s Fed minutes that offered little, keeping its price nearly as is and close to its short-term support level, and doing little to aid (or dent) its stalling bull trend technical overview. Preliminary UK manufacturing and service PMI (Purchasing Managers Index) figures will be released tomorrow, the former expected to contract the latter barely register an expanding above 50 reading.
IG client and CoT sentiment for GBP/USD
The lack of price movement here (as has been the case with EUR/USD) has meant no changes in retail sentiment, with slight majority long bias at 53%.
GBP/USD Chart with retail and institutional sentiment
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