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CFDs are complex financial instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. CFDs are complex financial instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

GBP/USD: Relatively rangebound despite outperforming pound

Economic calendar light out of the UK for most of the week.

GBP Source: Bloomberg

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

Although the pound outperformed and the greenback was a relative underperformer, the gains in this pair's price have been limiting and at least partially at risk of retracement this morning. The technical overview on the Weekly has been showing more signs of increased volatility (traces of the move from 1.30 to 1.14), but on the Daily the bulk of the moves intraday have been more limiting and where most of its key technical indicators are neutral combined with a non-trending ADX (Average Directional Index). The economic calendar is light out of the UK until Friday's manufacturing and lending data, and hence it'll likely be the US dollar and any risk-related moves keeping GBP/USD's price occupied.

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GBPUSD TA Source: IG charts

IG client* and CoT sentiment for GBP/USD

As for trader sentiment, retail bias has risen but remains in slight majority long territory, at 54% as of this morning.

GBPUSD sentiment Source: IG charts

GBP/USD Chart with retail and institutional sentiment

GBPUSD chart Source: IG charts

*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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