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
    1.3640+0.0008+0.06%
    USDSGD=X
    1.5240-0.0003-0.02%
    EURSGD=X
    2.1005-0.0018-0.08%
    GBPSGD=X
    87.8331+0.0223+0.03%
    SGDJPY=X
    5.6862-0.0026-0.05%
    SGDHKD=X
    2.6576+0.0047+0.18%
    SGDMYR=X
    9,507.3174-20.9668-0.22%
    SGDIDR=X
    4.5975+0.0012+0.03%
    SGDCNY=X
    1.0603-0.0033-0.31%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,221.50+8.40+0.69%
    GCJ15.CMX
    16.74+0.18+1.10%
    SIK15.CMX
    76.94+1.10+1.45%
    ^XAU
    2.71+0.02+0.72%
    HGK15.CMX
    49.38-0.38-0.76%
    CLJ15.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.50-0.02
    ^FVX
    2.00-0.01
    ^TNX
    2.60-0.01
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.945-0.030-3.08%
    N21.SI
    0.400.00-1.23%
    E5H.SI
    0.280.000.00%
    5WA.SI
    0.97-0.01-1.52%
    G13.SI
    1.075-0.040-3.59%
    5ME.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.184+0.072+64.29%
    A59.SI
    0.225+0.035+18.42%
    5WD.SI
    0.142+0.020+16.39%
    5IF.SI
    0.44+0.04+10.00%
    5FQ.SI
    0.605+0.045+8.04%
    NC2.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.185-0.080-30.19%
    F3V.SI
    0.335-0.095-22.09%
    T4B.SI
    0.395-0.085-17.71%
    A7S.SI
    0.088-0.017-16.19%
    T16.SI
    0.30-0.05-14.29%
    Y06.SI