Forex Analysis: British Pound Could Fall Further versus US Dollar

ssi_gbp-usd_body_Picture_6.png, Forex Analysis: British Pound Could Fall Further versus US Dollar

GBPUSD – Retail FX traders have recently gone short the US Dollar (ticker: USDOLLAR) against the British Pound (long GBPUSD), and a contrarian view of crowd sentiment warns that the GBPUSD may continue lower. The FXCM SSI ratio for the British Pound stands at 1.2; there are 1.2 traders long for every short.

Trade Implications – GBPUSD: We will need to see a larger shift towards crowd buying for our sentiment-based trading strategies to take a GBP short. Yet a break below the psychologically significant $1.6000 mark suggests that a move towards multi-month lows of $1.5825 is likely.

--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
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MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.27+0.02+5.88%
    N21.SI
    0.197+0.021+11.93%
    40F.SI
    1.02+0.04+4.08%
    G13.SI
    0.395+0.035+9.72%
    5ME.SI
    1.78+0.25+15.96%
    S51.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.35+0.07+27.27%
    BQF.SI
    0.13+0.02+17.12%
    UV1.SI
    1.78+0.25+15.96%
    S51.SI
    0.53+0.07+15.22%
    BLR.SI
    0.168+0.020+13.51%
    5PD.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.123-0.045-26.79%
    5MQ.SI
    0.10-0.03-21.26%
    A7S.SI
    0.40-0.08-16.67%
    BLA.SI
    0.15-0.03-16.20%
    AZR.SI
    0.094-0.014-12.96%
    5DL.SI

Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.4146+0.0014+0.10%
    USDSGD=X
    1.4921+0.0006+0.04%
    EURSGD=X
    1.7589-0.0011-0.06%
    GBPSGD=X
    80.0330-0.137-0.17%
    SGDJPY=X
    5.4829-0.0072-0.13%
    SGDHKD=X
    3.1450-0.0058-0.18%
    SGDMYR=X
    9,436.9258-51.9189-0.55%
    SGDIDR=X
    4.8619-0.0037-0.08%
    SGDCNY=X
    1.0886+0.0008+0.07%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,237.30+4.00+0.32%
    GCJ17.CMX
    17.950.000.00%
    SIH17.CMX
    89.91-1.82-1.99%
    ^XAU
    2.71-0.03-0.91%
    HGH17.CMX
    54.07+0.48+0.90%
    CLJ17.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.910.00
    ^FVX
    2.42-0.01
    ^TNX
    3.040.00
    ^TYX