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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Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.2519-0.0012-0.10%
    USDSGD=X
    1.7326+0.0016+0.09%
    EURSGD=X
    2.1021+0.0061+0.29%
    GBPSGD=X
    81.6958+0.3995+0.49%
    SGDJPY=X
    6.1939+0.0066+0.11%
    SGDHKD=X
    2.5897+0.001+0.04%
    SGDMYR=X
    9,152.4883+27.4785+0.30%
    SGDIDR=X
    4.9699+0.0052+0.10%
    SGDCNY=X
    1.1708-0.0022-0.19%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,302.30+2.00+0.15%
    GCM14.CMX
    19.59+0.11+0.54%
    SIK14.CMX
    91.87-1.95-2.08%
    ^XAU
    3.00+0.01+0.32%
    HGK14.CMX
    104.66+0.91+0.88%
    CLK14.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.62+0.02
    ^FVX
    2.63-0.01
    ^TNX
    3.46-0.02
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.117-0.006-4.88%
    B22.SI
    1.275+0.020+1.59%
    N21.SI
    2.190.0000.00%
    JS8.SI
    0.605+0.015+2.54%
    E5H.SI
    0.97+0.060+6.59%
    B20.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.445+0.055+14.10%
    5UL.SI
    0.20+0.020+11.11%
    567.SI
    0.174+0.013+8.07%
    540.SI
    0.67+0.050+8.06%
    5VT.SI
    0.425+0.030+7.59%
    5FD.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.096-0.011-10.28%
    S13.SI
    0.315-0.025-7.35%
    O08.SI
    0.139-0.010-6.71%
    5GB.SI
    0.30-0.020-6.25%
    502.SI
    0.132-0.008-5.71%
    5BM.SI