CFDs are a leveraged product and can result in losses that exceed deposits. Please ensure you fully understand how CFDs work and what their risks are, and take care to manage your exposure. CFDs are a leveraged product and can result in losses that exceed deposits. Please ensure you fully understand how CFDs work and what their risks are, and take care to manage your exposure.

GBP/USD: Pound outperforms but not by much

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

The pound was an outperformer in the FX market against the majors yesterday, but the gains were relatively limiting and failed to move beyond yesterday’s 1st Resistance level. UK services PMI (Purchasing Managers Index) was as expected with an above-50 expansionary 53.2 reading, and as such there was little to sway GBP/USDGBP/USD's price. A lack of significant UK data both today and tomorrow, but we will get a speech from the BoE's (Bank of England) Governor Carney later in the evening. From a technical standpoint, the majority of its key technical indicators remain neutral, so in the absence of any fresh Brexit updates and reversals may outperform prior to tomorrow's US Non-Farm Payrolls where pivot points may get breached on the release of the latest employment figures.

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IG client* and CoT sentiment for GBP/USD

Retail long bias remains just that, but the percentage has dropped 6% to a heavy long 66%, similar to that of CoT (Commitment of Traders) speculators.

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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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.

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