GBP/USD: UK employment figures the first of many
Riskier assets outperformed yesterday while the greenback dropped.
GBP/USD Technical analysis, overview, strategies, and levels
With the greenback in retreat towards the end of the session and risk-related currencies managing to outperform, GBP/USD's price managed to recover from Friday's losses and cross and close back above the 100-day moving average. And while the main technical indicators are neutral save for a trending ADX (Average Directional Movement Index), we've got significant fundamental items this week out of the UK that could make those technicals irrelevant. It starts with UK employment data today, and keep in mind that any further 'buy everything' moves could put the US dollar into further retreat and aid GBP/USD's price in finishing higher.
IG client* and CoT sentiment for GBP/USD
In sentiment, retail bias is still in slight majority short territory dropping to just 51%, and not that far off from shifting to majority long.
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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