GBP/USD: Pound outperformed but significant data awaits
Preliminary UK GDP as well as both BoE’s Carney and Fed’s Powell testifying.
GBP/USD Technical analysis, overview, strategies, and levels
There's plenty of economic data on the calendar today for the pound, and that means GBP/USD's price will be influenced by both aspects as early on we'll get preliminary UK GDP (Gross Domestic Product) figures, as well as trade, production, and construction data. Thereafter attention will shift to the US and the US dollar in day one of Fed Chair Powell's testimony, as well as the BoE’s (Bank of England) Carney testifying before parliament. From a technical standpoint, there's no denying the recent negative technical bias this pair's price has been suffering from as its price breaks hovers just above its short-term resistance level and crossing back above its 100-day moving average.
IG client* and CoT sentiment for GBP/USD
Retail bias remains majority long but has dropped as fresh longs exit, with the bias down 4% to 70%.
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.
Be sure to request IG’s Weekly & Daily Market Report when you open an account with IG Dubai and get access to the full information on the FX majors, commodities, indices, and Bitcoin.
This information has been prepared by IG, a trading name of IG Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients.
CFDs are a leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your initial deposit, so please ensure that you fully understand the risks involved.
See an opportunity to trade?
Go long or short on more than 17,000 markets with IG.
Trade CFDs on our award-winning platform, with low spreads on indices, shares, commodities and more.
Live prices on most popular markets