GBP/USD: Retail bias shifts to majority short
No-deal Brexit likelihoods fail to subside, lockdown restrictions ease on ‘Super Saturday.’
GBP/USD Technical analysis, overview, strategies, and levels
Friday's economic data out of the UK showed its services PMI (Purchasing Managers Index) register a slightly better than expected 47.1 reading, though there were other items of noteworthy interest including on the Brexit front where talks ended a day early with EU chief negotiator Barnier saying 'serious divergences remain' between the EU and Britain, his UK counterpart Frost saying something similar with 'significant differences' between the two 'on a number of important issues'. Over the weekend, 'Super Saturday' took the attention as the economy reopened, and in central bank news the BoE's (Bank of England) Bailey wrote a letter warning lenders of the challenges of negative interest rates according to the Sunday Times. Despite all this, GBP/USD's price didn't reach either of its key pivot points on the Weekly as well as the Daily late last week as its price oscillated near its 100-day moving average, its short-term bear trend line broken.
IG client* and CoT sentiment for GBP/USD
As for sentiment, retail bias has shifted from a previous majority long 61% to start off the week with a slight majority 51% bias.
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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