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 MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.108+0.001+0.93%
    AAJ.SI
    0.173+0.001+0.58%
    N21.SI
    0.83-0.02-2.35%
    Y92.SI
    3.84+0.02+0.52%
    Z74.SI
    0.96+0.01+1.59%
    G13.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.30+0.05+17.65%
    BKX.SI
    0.124+0.018+16.98%
    5H0.SI
    0.53+0.04+9.28%
    B58.SI
    0.15+0.01+8.70%
    UV1.SI
    0.65+0.05+8.33%
    BJW.SI
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    % Losers
    NamePriceChange% Chg
    0.245-0.030-10.91%
    BLZ.SI
    0.235-0.025-9.62%
    PA3.SI
    0.46-0.04-8.00%
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    BTG.SI

Market Data

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    NamePriceChange% Chg
    1.4214+0.0051+0.36%
    USDSGD=X
    1.5253+0.0002+0.01%
    EURSGD=X
    1.7789+0.0041+0.23%
    GBPSGD=X
    80.0170+0.544+0.68%
    SGDJPY=X
    5.4553-0.0191-0.35%
    SGDHKD=X
    3.1195-0.0135-0.43%
    SGDMYR=X
    9,390.6123-41.3691-0.44%
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    1.0774+0.0016+0.15%
    AUDSGD=X
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    CLG17.NYM
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