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: Retail bias shifts to the middle

Pound outperforms despite worries over the coronavirus.

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

FX movement amongst the majors was relatively sedate yesterday, but with the US dollar relatively underperforming and the pound a surprise outperformer despite rising coronavirus cases raising fears that the UK could be the epicenter of the virus in Europe, GBP/USD's price managed to finish higher. Any significant fundamental shifts or liquidity woes could easily cause a revisit and a shift to its previous volatile technical overview (which stands on the weekly), but the moves thus far have been more consolidatory with its price above all its main short-term moving averages but below all its main long-term moving averages, and where its RSI (Relative Strength Index) is in overbought territory.

Learn more about forex and forex trading.

IG client* and CoT sentiment for GBP/USD

As for retail sentiment, the price increase was enough to entice more longs into taking profit and pushing the bias from a previous majority long 58% to the middle.

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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