GBP/USD: Pound outperforms as latest poll shows a majority for Conservatives

Price moves in favor of retail longs, majority long bias drops.

GBP/USD Technical analysis, overview, strategies, and levels

The pound was the top performer amongst the FX majors, and by a healthy margin to say the least. The catalyst for GBP/USD’s price rise was the latest election polls showing an outright majority for the Conservative party heading into next month’s elections, which could aid in finalizing the Brexit saga once and for all. In terms of data, which will return to focus after Brexit, there's light UK data today followed by lending and money supply data tomorrow. The pair’s price is back above all its main moving averages and where nearly all its main technical indicators are flashing green. Breaching the ranges however will take more, especially if focus could shift back towards what has been dismal data out of the UK. 56%.

IG client and CoT sentiment for GBP/USD

On the sentiment front, the latest moves have been in favor of majority long retail traders, and the bias amongst them has dropped 4% on long profit-taking to a majority long

GBP/USD Chart with retail and institutional sentiment

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