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
    0.1640.0000.00%
    N21.SI
    0.161-0.001-0.62%
    40E.SI
    0.99-0.03-3.41%
    G13.SI
    0.196+0.012+6.52%
    SK3.SI
    0.445+0.005+1.14%
    E5H.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.39+0.10+36.84%
    BEH.SI
    0.25+0.03+13.64%
    5UA.SI
    0.198+0.020+11.24%
    L38.SI
    0.36+0.03+9.09%
    BLR.SI
    0.265+0.020+8.16%
    B49.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.10-0.06-39.02%
    O08.SI
    0.265-0.095-26.39%
    BCD.SI
    0.17-0.05-24.44%
    42S.SI
    0.23-0.06-20.69%
    5VI.SI
    0.10-0.02-16.67%
    UQ7.SI

Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.4175+0.0007+0.05%
    USDSGD=X
    1.5262+0.0024+0.16%
    EURSGD=X
    1.7918+0.0041+0.23%
    GBPSGD=X
    80.1300-0.059-0.07%
    SGDJPY=X
    5.4689-0.0039-0.07%
    SGDHKD=X
    3.1221-0.007-0.22%
    SGDMYR=X
    9,371.7979-68.2422-0.72%
    SGDIDR=X
    4.8551+0.0024+0.05%
    SGDCNY=X
    1.0618+0.0013+0.12%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,176.40+1.40+0.12%
    GCZ16.CMX
    17.12-0.08-0.48%
    SIZ16.CMX
    82.57+0.42+0.51%
    ^XAU
    2.64+0.01+0.23%
    HGZ16.CMX
    49.80+0.03+0.06%
    CLF17.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.80-0.04
    ^FVX
    2.35-0.05
    ^TNX
    3.03-0.05
    ^TYX