GBP/USD: Pound outperforms as UK services PMI avoids contraction
CoT bias remains in long territory, aided by significant closure in pound short positions.
GBP/USD Technical analysis, overview, strategies, and levels
Amongst the FX majors, the pound's performance was at the top following better than expected services PMI (Purchasing Managers Index) results out of the UK that managed to avoid contraction. And with that out of the way the economic calendar will be relatively light out of the UK for the rest of the week with a few low-impacting items. That means other forces will be in play for this pair including the Brexit factor, with the PM set to host the president of the EU Commission, as well as getting his bill through the House of Commons which returns today.
IG client and CoT sentiment for GBP/USD
In sentiment, CoT (Commitment of Traders) bias held amongst larger speculative traders has turned more majority long in percentage terms, though behind those figures pound long positioning dropped by 4,000 lots while short positioning dropped by a greater 7,696 lots.
GBP/USD Chart with retail and institutional sentiment
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