GBP/USD: Pound bests the dollar, but not by much
Both pound and greenback were underperformers in the FX market.
GBP/USD Technical analysis, overview, strategies, and levels
Although GBP/USD’s price finished slightly higher in a relatively rangebound session despite one that was big on fundamental changes for the US dollar, both pound and greenback were relative underperformers in the FX market. There was little on the economic calendar out of the UK, with another PMI (Purchasing Managers Index) showing construction with an above 50 reading. Services are up next and of greater importance, though with the dust starting to settle conformist technical overview strategies can’t be ruled out. Rate cut likelihoods are rising out of the BoE (Bank of England) for this month's meeting, but there's less room to maneuver given its key rate is lower than that of the US Federal Reserve (even after its 0.5% rate cut yesterday).
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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