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 Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.4154+0.0028+0.20%
    USDSGD=X
    1.5903-0.0076-0.48%
    EURSGD=X
    2.1672+0.005+0.23%
    GBPSGD=X
    84.8923+0.3667+0.43%
    SGDJPY=X
    5.4756-0.0105-0.19%
    SGDHKD=X
    2.9826+0.0139+0.47%
    SGDMYR=X
    10,006.7432+66.877+0.67%
    SGDIDR=X
    4.4895-0.0173-0.38%
    SGDCNY=X
    0.9945+0.0035+0.36%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,135.80-4.00-0.35%
    GCZ15.CMX
    14.72+0.10+0.65%
    SIZ15.CMX
    46.10-0.71-1.51%
    ^XAU
    2.33+0.03+1.22%
    HGZ15.CMX
    43.59-1.82-4.01%
    CLV15.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.49-0.01
    ^FVX
    2.16-0.01
    ^TNX
    2.930.00
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.132+0.004+3.12%
    5DN.SI
    0.310.00-1.59%
    5WA.SI
    0.53+0.01+1.92%
    N21.SI
    0.3050.0000.00%
    E5H.SI
    3.67-0.04-1.08%
    Z74.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.28+0.05+21.74%
    L38.SI
    0.24+0.04+21.21%
    C10.SI
    0.295+0.045+18.00%
    578.SI
    0.485+0.055+12.79%
    MN5.SI
    0.33+0.03+10.00%
    5VI.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.105-0.033-23.91%
    5DL.SI
    0.17-0.03-15.00%
    5G1.SI
    0.094-0.016-14.55%
    F10.SI
    0.095-0.015-13.64%
    T77.SI
    0.14-0.02-12.50%
    T19.SI