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
    1.3822+0.0044+0.32%
    USDSGD=X
    1.5423-0.0037-0.24%
    EURSGD=X
    2.0176+0.0222+1.11%
    GBPSGD=X
    79.4515+0.173+0.22%
    SGDJPY=X
    5.6189-0.0184-0.33%
    SGDHKD=X
    2.9735+0.0058+0.19%
    SGDMYR=X
    9,894.0967+26.1914+0.27%
    SGDIDR=X
    4.7441-0.0133-0.28%
    SGDCNY=X
    0.9909-0.0042-0.43%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,236.50-15.00-1.20%
    GCM16.CMX
    16.33-0.10-0.60%
    SIN16.CMX
    82.70-2.40-2.82%
    ^XAU
    2.07+0.02+0.75%
    HGN16.CMX
    48.26+0.18+0.37%
    CLN16.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.40+0.03
    ^FVX
    1.86+0.02
    ^TNX
    2.65+0.02
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    1.77-0.02-1.39%
    MC0.SI
    0.305-0.005-1.61%
    N21.SI
    0.89+0.03+3.49%
    Y92.SI
    0.71-0.01-1.39%
    G13.SI
    3.81-0.06-1.55%
    Z74.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.165+0.035+26.92%
    5WD.SI
    0.152+0.029+23.58%
    P74.SI
    0.99+0.08+8.79%
    AYN.SI
    0.335+0.025+8.06%
    5DO.SI
    0.45+0.03+7.14%
    544.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.15-0.05-26.83%
    BQI.SI
    0.665-0.135-16.87%
    AWE.SI
    0.235-0.035-12.96%
    BKW.SI
    0.111-0.014-11.20%
    569.SI
    0.124-0.013-9.49%
    ADP.SI