FOREX ANALYSIS: British Pound Sees Reversal Risk Near High

ssi_aud-usd_body_Picture_6.png, FOREX ANALYSIS: British Pound Sees Reversal Risk Near High

GBPUSD – Retail forex traders continue selling into British Pound strength against the US Dollar (ticker: USDOLLAR), and a contrarian view of crowd sentiment leaves us in favor of further GBPUSD gains.

Crowds are now their most net-short GBPUSD since the pair last tested trading range highs of $1.6175. There is considerable risk that the British Pound may fail to break substantively higher, but our technical forecast likewise points to important support at $1.6100 and $1.6000.

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

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Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.3634-0.0021-0.16%
    USDSGD=X
    1.5253-0.0017-0.11%
    EURSGD=X
    2.0950-0.0026-0.12%
    GBPSGD=X
    87.8079-0.1856-0.21%
    SGDJPY=X
    5.6884+0.0089+0.16%
    SGDHKD=X
    2.6603+0.0011+0.04%
    SGDMYR=X
    9,518.9902+1.5869+0.02%
    SGDIDR=X
    4.6011+0.007+0.15%
    SGDCNY=X
    1.0666+0.0069+0.65%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,220.00+6.90+0.57%
    GCJ15.CMX
    16.74+0.18+1.10%
    SIK15.CMX
    75.26-1.68-2.18%
    ^XAU
    2.71+0.02+0.65%
    HGK15.CMX
    49.23-0.53-1.07%
    CLJ15.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.58+0.07
    ^FVX
    2.08+0.08
    ^TNX
    2.68+0.09
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.42+0.02+5.00%
    E5H.SI
    100.012-0.0020.00%
    41H.SI
    1.015+0.070+7.41%
    N21.SI
    0.062-0.055-47.01%
    F3V.SI
    0.285+0.005+1.79%
    5WA.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.215+0.025+13.16%
    5RE.SI
    0.138+0.018+15.00%
    5WG.SI
    0.18+0.02+12.50%
    PH0.SI
    0.165+0.019+13.01%
    5OU.SI
    0.18+0.01+7.78%
    T19.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.062-0.055-47.01%
    F3V.SI
    0.19-0.06-22.45%
    5TS.SI
    0.37-0.01-3.90%
    QS9.SI
    0.157-0.018-10.29%
    K6J.SI
    0.146-0.014-8.75%
    C3T.SI