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
    1.3594+0.0006+0.04%
    USDSGD=X
    1.5513+0.0018+0.12%
    EURSGD=X
    1.9660-0.0019-0.10%
    GBPSGD=X
    78.7159-0.2361-0.30%
    SGDJPY=X
    5.7095-0.0026-0.05%
    SGDHKD=X
    2.9524-0.0013-0.04%
    SGDMYR=X
    9,820.3652-6.3271-0.06%
    SGDIDR=X
    4.7851-0.0025-0.05%
    SGDCNY=X
    1.0024-0.012-1.18%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,280.80+8.50+0.67%
    GCM16.CMX
    17.33+0.01+0.05%
    SIN16.CMX
    85.15+1.88+2.26%
    ^XAU
    2.160.00+0.19%
    HGN16.CMX
    43.96-0.36-0.81%
    CLM16.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.21-0.03
    ^FVX
    1.75-0.04
    ^TNX
    2.61-0.04
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.22+0.02+10.00%
    AFC.SI
    0.405-0.020-4.71%
    N21.SI
    3.76-0.02-0.53%
    Z74.SI
    1.815-0.055-2.94%
    MC0.SI
    0.37-0.01-2.63%
    E5H.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.22+0.02+10.00%
    AFC.SI
    0.51+0.05+12.09%
    BMA.SI
    0.235+0.015+6.82%
    BQM.SI
    2.14+0.12+5.94%
    C14.SI
    0.174+0.009+5.45%
    O08.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.15-0.06-30.23%
    B26.SI
    0.24-0.04-14.29%
    BHO.SI
    0.245-0.035-12.50%
    5CF.SI
    0.185-0.020-9.76%
    F86.SI
    0.635-0.050-7.30%
    U9E.SI