FOREX ANALYSIS: British Pound Poised for Strength

ssi_gbp-usd_body_Picture_5.png, FOREX ANALYSIS: British Pound Poised for Strength

GBPUSD – Retail forex traders continue selling into British Pound strength against the US Dollar (ticker: USDOLLAR), and a contrarian view of crowd sentiment leaves us in favor of further GBPUSD gains.

One of our sentiment-based trading strategies has most recently gone long the GBPUSD, but it will be important to watch whether the GBP clears key technical resistance at $1.6174. Yet the broader USD downtrend leaves us in favor of continued GBPUSD strength.

--- 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 Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.3504-0.0025-0.19%
    USDSGD=X
    1.5008+0.0021+0.14%
    EURSGD=X
    1.7779-0.0027-0.15%
    GBPSGD=X
    76.4590-1.30-1.67%
    SGDJPY=X
    5.7431+0.0138+0.24%
    SGDHKD=X
    3.0127+0.0221+0.74%
    SGDMYR=X
    9,704.0508+22.9756+0.24%
    SGDIDR=X
    4.9275+0.0095+0.19%
    SGDCNY=X
    1.01530.000.00%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,341.40+0.20+0.01%
    GCZ16.CMX
    20.11-0.08-0.41%
    SIU16.CMX
    107.74+0.15+0.14%
    ^XAU
    2.200.00-0.20%
    HGU16.CMX
    40.81-0.33-0.80%
    CLU16.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.09-0.01
    ^FVX
    1.510.00
    ^TNX
    2.230.00
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.162-0.004-2.41%
    N21.SI
    0.360.000.00%
    E5H.SI
    4.18-0.11-2.56%
    Z74.SI
    0.7850.0000.00%
    G13.SI
    0.30-0.01-4.76%
    5ME.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.179+0.023+14.74%
    AYL.SI
    0.36+0.04+12.50%
    BPF.SI
    0.315+0.035+12.50%
    AWK.SI
    0.58+0.06+11.54%
    BDR.SI
    0.21+0.02+10.53%
    AYD.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.20-0.05-21.57%
    AZT.SI
    0.305-0.075-19.74%
    42E.SI
    0.20-0.04-16.67%
    BTF.SI
    0.17-0.03-15.00%
    RF7.SI
    0.102-0.017-14.29%
    T13.SI