FOREX ANALYSIS: British Pound at Potential Sentiment Extreme

ssi_gbp-usd_body_Picture_8.png, FOREX ANALYSIS: British Pound at Potential Sentiment Extreme

GBPUSD – Retail FX traders are now their most aggressively net-short the British Pound against the US Dollar (ticker: USDOLLAR) since it last traded at $1.63 in May, and our contrarian trading strategies have continued to buy into GBPUSD gains.

There is always risk that such one-sided sentiment may represent an important sentiment extreme and potential turning point. Yet major tops or bottoms are only clear in hindsight, and indeed the British Pound’s break above key resistance leaves further highs as near-term targets.

--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com

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Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.2571-0.001-0.08%
    USDSGD=X
    1.7389-0.0013-0.07%
    EURSGD=X
    2.1125-0.0013-0.06%
    GBPSGD=X
    81.4091+0.1171+0.14%
    SGDJPY=X
    6.1677+0.0051+0.08%
    SGDHKD=X
    2.6017+0.0034+0.13%
    SGDMYR=X
    9,206.5498-49.4766-0.53%
    SGDIDR=X
    4.9776+0.0106+0.21%
    SGDCNY=X
    1.1657+0.0004+0.03%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,291.80+1.20+0.09%
    GCM14.CMX
    19.54-0.15-0.75%
    SIK14.CMX
    91.62-1.25-1.35%
    ^XAU
    3.120.00+0.03%
    HGK14.CMX
    101.96+0.02+0.02%
    CLM14.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.74+0.03
    ^FVX
    2.690.00
    ^TNX
    3.460.00
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    2.22+0.010+0.45%
    JS8.SI
    1.185+0.035+3.04%
    U6C.SI
    0.122-0.001-0.81%
    B22.SI
    1.335-0.020-1.48%
    G13.SI
    0.605-0.010-1.63%
    E5H.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    1.315+0.084+6.82%
    O9A.SI
    0.16+0.008+5.26%
    5HH.SI
    0.23+0.010+4.55%
    D6U.SI
    0.13+0.005+4.00%
    I9T.SI
    0.27+0.005+1.89%
    DM0.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.10-0.010-9.09%
    CL7.SI
    0.151-0.009-5.63%
    A03.SI
    0.30-0.015-4.76%
    K29.SI
    0.205-0.010-4.65%
    510.SI
    0.215-0.010-4.44%
    5UZ.SI