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
    1.3753+0.0062+0.46%
    USDSGD=X
    1.5036+0.0006+0.04%
    EURSGD=X
    2.1455+0.0097+0.45%
    GBPSGD=X
    90.2823-0.2878-0.32%
    SGDJPY=X
    5.6377-0.0243-0.43%
    SGDHKD=X
    2.7840-0.0018-0.06%
    SGDMYR=X
    9,828.5479-25.0029-0.25%
    SGDIDR=X
    4.5160-0.0187-0.41%
    SGDCNY=X
    1.0026+0.0045+0.45%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,087.40-5.50-0.50%
    GCV15.CMX
    14.75-0.04-0.28%
    SIZ15.CMX
    46.64-1.73-3.57%
    ^XAU
    2.40-0.02-0.99%
    HGG16.CMX
    48.47-0.32-0.66%
    CLU15.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.62+0.01
    ^FVX
    2.27-0.01
    ^TNX
    2.95-0.03
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.52-0.07-11.86%
    N21.SI
    0.320.00-1.54%
    E5H.SI
    0.139+0.003+2.21%
    5DN.SI
    0.310.00-1.59%
    5WA.SI
    0.915+0.035+3.98%
    5ME.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.199+0.049+32.67%
    5MQ.SI
    0.45+0.09+25.00%
    K1Q.SI
    0.65+0.09+16.07%
    L5I.SI
    0.295+0.035+13.46%
    PA3.SI
    0.445+0.050+12.66%
    42C.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.38-0.11-22.45%
    AZT.SI
    0.128-0.018-12.33%
    5TJ.SI
    0.52-0.07-11.86%
    N21.SI
    0.16-0.02-11.11%
    AVX.SI
    0.39-0.05-10.34%
    5I3.SI