GBP/USD: Partial recovery keeps its support level intact
Despite outperforming in the FX market, the pair’s overview remains tested.
GBP/USD Technical analysis, overview, strategies, and levels
With the moves getting slightly more volatile for GBP/USD's price as of late, Monday's plummet was met with some form of retracement yesterday, though failing to undo its current consolidatory technical overview on the daily, and continuing to dent its stalling bull trend overview on the weekly. In terms of economic data, UK construction PMI (Purchasing Managers Index) showed ongoing contraction though not as severe as last month's 44.4 reading, and up next we'll get services PMI which has been posting readings close to the middle.
IG client* and CoT sentiment for GBP/USD
The slight retracement back up and a hold for now of its short-term support level aided fresh initiated longs in unwinding, taking retail long bias 5% lower but still remaining in heavy long territory at 67%.
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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