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: UK services PMI up next

European currencies underperformed yesterday, but the pound has recovered this morning.

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

European currencies were hit hardest amongst the FX majors yesterday, with the pound the second-worst performer and in turn retreating against the US dollar (which in turn had mixed results in the FX market). The result took GBP/USD's price briefly below its 50-day moving average before staging a recovery today (alongside high-beta assets). In economic data, we've got final services PMI (Purchasing Managers Index) for the UK out of Markit as well as the US via ISM later in the day, with expectations for big sub-50 contractions for both.

Learn more about forex and forex trading.

IG client* and CoT sentiment for GBP/USD

In sentiment, retail bias has remained close to the middle, and hence we've been seeing plenty of shifts, from a slight short 51% at the start of the week to a slight majority long 51% as of this morning.

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.

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