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
    1.2572+0.0014+0.11%
    USDSGD=X
    1.7397+0.0061+0.35%
    EURSGD=X
    2.1114-0.0014-0.07%
    GBPSGD=X
    81.3924-0.3083-0.38%
    SGDJPY=X
    6.1669-0.0067-0.11%
    SGDHKD=X
    2.5974-0.0041-0.16%
    SGDMYR=X
    9,206.9707+33.6436+0.37%
    SGDIDR=X
    4.9637-0.0034-0.07%
    SGDCNY=X
    1.1659-0.0101-0.86%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,284.90+3.80+0.30%
    GCM14.CMX
    19.44+0.08+0.41%
    SIK14.CMX
    91.05+1.15+1.28%
    ^XAU
    3.04-0.01-0.44%
    HGK14.CMX
    101.56-0.19-0.19%
    CLM14.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.71-0.01
    ^FVX
    2.70-0.03
    ^TNX
    3.47-0.05
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.122+0.002+1.67%
    B22.SI
    0.61+0.005+0.83%
    E5H.SI
    2.22+0.010+0.45%
    JS8.SI
    0.16+0.002+1.27%
    5GB.SI
    0.142-0.003-2.07%
    545.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.23+0.031+15.58%
    5UZ.SI
    0.22+0.020+10.00%
    D6U.SI
    0.184+0.014+8.24%
    5WD.SI
    0.275+0.020+7.84%
    5TP.SI
    0.161+0.011+7.33%
    A03.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.245-0.055-18.33%
    T18.SI
    0.196-0.024-10.91%
    5WR.SI
    0.161-0.019-10.56%
    T16.SI
    0.36-0.040-10.00%
    S24.SI
    0.098-0.010-9.26%
    C11.SI