GBP/USD: String of UK data released today
Retail bias rises into heavy long territory as pound’s underperformance entices shorts into closing out.
GBP/USD Technical analysis, overview, strategies, and levels
The pound was an underperformer against the FX majors yesterday, taking GBP/USD's price breaking below yesterday's 1st Support earlier this morning before only slightly retracing. Negative technical bias has clearly been building just as its price rests near a short-term support level on the daily chart. Coronavirus data hasn't helped with the UK suffering from the worst death toll in Europe, and up next we get a string of economic data including preliminary GDP (Gross Domestic Product), trade, production, and construction data. Technicals hold less relevance and could mean pivot points could be at greater risk of breaking. And once we're through with UK data there will still be central bank speak out of the US that could infuse volatility on the USD aspect of this pair.
IG client* and CoT sentiment for GBP/USD
Meanwhile, retail sentiment has risen to a heavy long 67% as shorts get enticed into closing out and fresh longs initiate.
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.
Be sure to request IG’s Weekly & Daily Market Report when you open an account with IG Dubai and get access to the full information on the FX majors, commodities, indices, and Bitcoin.
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.
See an opportunity to trade?
Go long or short on more than 17,000 markets with IG.
Trade CFDs on our award-winning platform, with low spreads on indices, shares, commodities and more.
Live prices on most popular markets
- Forex
- Shares
- Indices
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.
