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
    0.171-0.004-2.29%
    N21.SI
    0.1850.0000.00%
    40E.SI
    0.410.00-1.20%
    5ME.SI
    0.164+0.003+1.86%
    5DM.SI
    2.60+0.02+0.78%
    MC0.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.20+0.03+17.65%
    BCV.SI
    0.35+0.05+16.67%
    AWC.SI
    0.415+0.035+9.21%
    J2T.SI
    0.87+0.07+8.75%
    AXV.SI
    0.197+0.015+8.24%
    P36.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.285-0.085-22.97%
    K29.SI
    0.094-0.026-21.67%
    J17.SI
    0.425-0.045-9.57%
    BTF.SI
    0.235-0.020-7.84%
    1A0.SI
    0.405-0.030-6.90%
    BVQ.SI

Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.4195-0.0105-0.73%
    USDSGD=X
    1.5171+0.0017+0.11%
    EURSGD=X
    1.7503+0.031+1.80%
    GBPSGD=X
    79.8330+0.071+0.09%
    SGDJPY=X
    5.4610+0.0408+0.75%
    SGDHKD=X
    3.1414+0.0191+0.61%
    SGDMYR=X
    9,433.0547+56.6406+0.60%
    SGDIDR=X
    4.8241+0.0011+0.02%
    SGDCNY=X
    1.0705+0.0023+0.22%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,211.90+15.70+1.31%
    GCG17.CMX
    16.98+0.22+1.28%
    SIH17.CMX
    87.04+0.81+0.94%
    ^XAU
    2.64-0.05-1.99%
    HGH17.CMX
    53.18+0.81+1.55%
    CLG17.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.88+0.02
    ^FVX
    2.38+0.02
    ^TNX
    2.98+0.02
    ^TYX