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
    1.3753+0.0018+0.13%
    USDSGD=X
    1.5359-0.0014-0.09%
    EURSGD=X
    2.01460.000.00%
    GBPSGD=X
    79.7323-0.1774-0.22%
    SGDJPY=X
    5.6469-0.0078-0.14%
    SGDHKD=X
    2.9552-0.0017-0.06%
    SGDMYR=X
    9,862.6523-7.7568-0.08%
    SGDIDR=X
    4.7698-0.0023-0.05%
    SGDCNY=X
    0.9922-0.0002-0.02%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,221.70-1.00-0.08%
    GCQ16.CMX
    16.30-0.04-0.26%
    SIN16.CMX
    82.12-0.10-0.12%
    ^XAU
    2.11+0.01+0.55%
    HGN16.CMX
    48.97-0.51-1.03%
    CLN16.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.34-0.06
    ^FVX
    1.82-0.05
    ^TNX
    2.63-0.04
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.305-0.005-1.61%
    N21.SI
    0.895+0.010+1.13%
    Y92.SI
    0.735+0.025+3.52%
    G13.SI
    3.93+0.07+1.81%
    Z74.SI
    1.0050.0000.00%
    C22.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.245+0.030+13.95%
    F86.SI
    0.255+0.025+10.87%
    PA3.SI
    0.275+0.025+10.00%
    K29.SI
    0.335+0.030+9.84%
    F03.SI
    0.62+0.05+7.83%
    BMA.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.405-0.120-22.86%
    AWE.SI
    0.22-0.04-15.38%
    BKZ.SI
    0.55-0.10-15.38%
    N0Z.SI
    0.455-0.075-14.15%
    BJE.SI
    0.145-0.019-11.59%
    5G1.SI