Market Analysis
GBP/USD midweek: cable holding 1.3390 as traders remain split, 2026-06-08
Sterling trades up 59 pips from Monday's open at 1.3394, with positioning near perfectly balanced at Wednesday's close.
2 min readSPX500 closed Wednesday at 7363.9, down 24.8 points from Monday's open at 7388.7. The index printed a week-to-date high at 7480.6 during Tuesday's session before reversing lower. The low so far sits at 7237.1.
Tuesday's sharp reversal from 7480.6 to 7370.4 marked the week's defining move. The 243-point intraday range reflected profit-taking after Monday's push higher, with the index unable to sustain momentum above 7450. Wednesday's quieter 39-point range suggests consolidation rather than continuation.
With no major economic releases scheduled for Thursday or Friday, price action will likely reflect broader risk sentiment and any emerging headlines. If SPX500 holds above Tuesday's 7237 low, the 7400 level becomes the immediate test. A break below 7350 brings the 7300 round number into focus.
Current positioning shows 56.7% of traders long and 43.3% short as of Wednesday morning. This modest long skew suggests traders remain constructive despite Tuesday's reversal, though the bias is far from extreme.
The index sits just below 7380, a level it has crossed multiple times this week. If buyers defend 7350 through Thursday, the 7400 resistance comes back into play. If sellers push through 7350, Tuesday's 7237 low becomes the next obvious support. Trade SPX500 with LHFX's tight spreads and see which level holds.
Byline: LHFX Research
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