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

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    Currencies
    NamePriceChange% Chg
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    USDSGD=X
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    EURSGD=X
    2.1001-0.0011-0.05%
    GBPSGD=X
    81.7965+0.0601+0.07%
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    6.2036+0.0048+0.08%
    SGDHKD=X
    2.5905-0.0012-0.05%
    SGDMYR=X
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    4.9768+0.0039+0.08%
    SGDCNY=X
    1.1683-0.0037-0.31%
    AUDSGD=X
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    CLK14.NYM
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