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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Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.2557+0.0002+0.02%
    USDSGD=X
    1.7357+0.001+0.06%
    EURSGD=X
    2.1076+0.001+0.05%
    GBPSGD=X
    81.5434-0.1304-0.16%
    SGDJPY=X
    6.1749-0.0007-0.01%
    SGDHKD=X
    2.5991-0.0021-0.08%
    SGDMYR=X
    9,262.1377-37.5469-0.40%
    SGDIDR=X
    4.9678-0.0009-0.02%
    SGDCNY=X
    1.1665+0.0006+0.05%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,286.40+1.80+0.14%
    GCM14.CMX
    19.46+0.02+0.11%
    SIK14.CMX
    92.88+1.82+2.00%
    ^XAU
    3.060.00+0.16%
    HGK14.CMX
    101.65+0.21+0.21%
    CLM14.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.71-0.03
    ^FVX
    2.69-0.04
    ^TNX
    3.47-0.03
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.15+0.008+5.63%
    545.SI
    0.121-0.001-0.82%
    B22.SI
    0.15+0.006+4.17%
    C68.SI
    0.635+0.040+6.72%
    5WH.SI
    1.355+0.005+0.37%
    G13.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    18.50+2.700+17.09%
    K6S.SI
    0.255+0.015+6.25%
    5KI.SI
    0.17+0.012+7.59%
    5PF.SI
    1.305+0.090+7.41%
    5DA.SI
    0.15+0.010+7.14%
    5GD.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.052-0.060-53.57%
    5TF.SI
    1.61-0.530-24.77%
    N02.SI
    0.123-0.008-6.11%
    S71.SI
    0.2750.0000.00%
    5TN.SI
    0.235-0.015-6.00%
    L6T.SI