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
    1.3619+0.0031+0.23%
    USDSGD=X
    1.5518+0.0023+0.15%
    EURSGD=X
    1.9635-0.0043-0.22%
    GBPSGD=X
    78.6577-0.2944-0.37%
    SGDJPY=X
    5.6982-0.014-0.24%
    SGDHKD=X
    2.9390-0.0147-0.50%
    SGDMYR=X
    9,800.8623-25.8301-0.26%
    SGDIDR=X
    4.7731-0.0145-0.30%
    SGDCNY=X
    1.0023-0.012-1.19%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,289.50+17.20+1.35%
    GCM16.CMX
    17.47+0.14+0.80%
    SIN16.CMX
    88.20+3.05+3.58%
    ^XAU
    2.15-0.01-0.32%
    HGN16.CMX
    44.59+0.27+0.61%
    CLM16.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.23+0.02
    ^FVX
    1.78+0.03
    ^TNX
    2.62+0.02
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.405-0.020-4.71%
    N21.SI
    0.215+0.015+7.50%
    AFC.SI
    0.37-0.01-2.63%
    E5H.SI
    3.76-0.02-0.53%
    Z74.SI
    1.81-0.06-3.21%
    MC0.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.445+0.075+20.27%
    BLR.SI
    0.25+0.04+19.05%
    508.SI
    0.48+0.07+18.52%
    5DP.SI
    0.51+0.05+12.09%
    BMA.SI
    0.12+0.01+8.11%
    AVX.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.18-0.03-16.28%
    B26.SI
    0.24-0.04-14.29%
    BHO.SI
    0.245-0.035-12.50%
    5CF.SI
    0.225-0.025-10.00%
    A04.SI
    0.185-0.020-9.76%
    F86.SI