GBP/USD: Pound relatively outperforms, majority long bias drops
Main pivot points held yesterday despite volatility following release of employment figures.
GBP/USD Technical analysis, overview, strategies, and levels
UK data last week was a disappointment with another retail contraction and CPI (Consumer Price Index) figures that were below expectations. In light of that, yesterday's employment figures showed an unchanged unemployment rate, but where growth in employment hit a new record high, and with wage growth better than expected. The economic calendar will be relatively light and low-impacting until Friday's PMIs (Purchasing Managers Index). In the meantime, rate cut likelihoods out of the BoE (Bank of England) and any fresh Brexit updates will likely to continue to factor into the pound’s price.
IG client and CoT sentiment for GBP/USD
In sentiment, the increase in the pound has aided retail longs in taking profit, pushing majority long bias from yesterday’s 66% to 61%.
GBP/USD Chart with retail and institutional sentiment
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