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.
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