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
    1.4240-0.0006-0.04%
    USDSGD=X
    1.5873-0.0006-0.04%
    EURSGD=X
    2.1601-0.0008-0.04%
    GBPSGD=X
    83.5324-0.0308-0.04%
    SGDJPY=X
    5.4425+0.002+0.04%
    SGDHKD=X
    3.0270+0.0012+0.04%
    SGDMYR=X
    9,934.4717+6.377+0.06%
    SGDIDR=X
    4.4637+0.0017+0.04%
    SGDCNY=X
    0.9842-0.0004-0.04%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,121.00-3.50-0.31%
    GCZ15.CMX
    14.55-0.16-1.07%
    SIZ15.CMX
    45.33-0.30-0.65%
    ^XAU
    2.31-0.07-3.06%
    HGZ15.CMX
    45.67-1.08-2.31%
    CLV15.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.46-0.02
    ^FVX
    2.13-0.04
    ^TNX
    2.89-0.06
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.130.00-1.52%
    5DN.SI
    0.32+0.01+3.23%
    5WA.SI
    2.04-0.09-4.23%
    MC0.SI
    0.148-0.004-2.63%
    F13.SI
    3.69-0.01-0.27%
    Z74.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.128+0.016+14.29%
    40U.SI
    0.29+0.03+11.54%
    AYD.SI
    0.33+0.03+10.00%
    MV4.SI
    1.25+0.10+8.70%
    AYB.SI
    0.38+0.03+8.57%
    IX2.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.32-0.13-28.89%
    K1Q.SI
    0.161-0.044-21.46%
    L02.SI
    7.40-1.60-17.78%
    S07.SI
    0.245-0.025-9.26%
    S71.SI
    0.109-0.010-8.40%
    5I3.SI