Forex Analysis: British Pound Rallies May be Sold

ssi_gbp-usd_body_Picture_8.png, Forex Analysis: British Pound Rallies May be Sold

GBPUSD – Retail FX traders have bought aggressively into British Pound weakness against the US Dollar (ticker: USDOLLAR), and in fact crowds are now their most net-long GBPUSD since the pair last traded towards multi-year lows at $1.53. Total long interest has surged 50 percent week-over-week, giving further contrarian signal that the pair may continue lower.

Trade Implications – GBPUSD: Our sentiment-based trading strategies have sold the British Pound against the USD and Japanese Yen. We will continue to call for further weakness unless we see a substantive shift in crowd sentiment.

--- 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
    1.3850+0.0041+0.30%
    USDSGD=X
    1.5050+0.0013+0.09%
    EURSGD=X
    2.1588+0.0092+0.43%
    GBPSGD=X
    89.8179-0.2397-0.27%
    SGDJPY=X
    5.5978-0.017-0.30%
    SGDHKD=X
    2.7974-0.0045-0.16%
    SGDMYR=X
    9,763.3623-21.5732-0.22%
    SGDIDR=X
    4.4828-0.0137-0.30%
    SGDCNY=X
    1.0200+0.0009+0.09%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,084.10-6.60-0.61%
    GCQ15.CMX
    14.52-0.08-0.54%
    SIZ15.CMX
    45.67+0.14+0.30%
    ^XAU
    2.35-0.02-0.68%
    HGU15.CMX
    46.60+0.47+1.02%
    CLV15.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.59+0.08
    ^FVX
    2.21+0.06
    ^TNX
    2.89+0.03
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.555-0.045-7.50%
    N21.SI
    0.310.000.00%
    5WA.SI
    2.37+0.02+0.85%
    MC0.SI
    0.835-0.065-7.22%
    G13.SI
    0.191+0.028+17.18%
    AFC.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.22+0.02+10.00%
    F86.SI
    0.191+0.028+17.18%
    AFC.SI
    0.655+0.080+13.91%
    UD3.SI
    0.18+0.02+12.50%
    UV1.SI
    0.118+0.013+12.38%
    B32.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.148-0.046-23.71%
    40N.SI
    0.20-0.03-13.04%
    5NF.SI
    0.12-0.02-13.04%
    D3W.SI
    0.198-0.027-12.00%
    5OY.SI
    0.260.00-1.89%
    5WJ.SI