GBP/USD: Price crosses back below 100-day MA
Retail long bias rises back up to heavy territories.
GBP/USD Technical analysis, overview, strategies, and levels
With a dearth of UK data on the economic calendar, the focus here has been more on how European and safe haven currencies perform, with the pound at times in the same camp, but yesterday clearly on opposite ends and underperforming alongside other high-beta currencies. Its technical overview remains consolidatory on the daily, but its high-beta nature is expected to experience increased volatility should equities continue to underperform, its price back below its 100-day moving average after breaking through its 1st Support level yesterday.
IG client* and CoT sentiment for GBP/USD
Retail long bias dropped two days ago as the price increase on Tuesday enticed longs into taking profit, but since then has risen back up by 6% to heavy long levels.
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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