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
    1.3601+0.0023+0.17%
    USDSGD=X
    1.5547-0.0049-0.32%
    EURSGD=X
    1.9662-0.0025-0.13%
    GBPSGD=X
    78.7948-0.0057-0.01%
    SGDJPY=X
    5.7056-0.0115-0.20%
    SGDHKD=X
    2.9564-0.0081-0.27%
    SGDMYR=X
    9,819.0234-33.3457-0.34%
    SGDIDR=X
    4.7842+0.0004+0.01%
    SGDCNY=X
    1.0163+0.0036+0.35%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,277.30+2.90+0.23%
    GCM16.CMX
    17.39+0.09+0.51%
    SIN16.CMX
    83.27-3.96-4.54%
    ^XAU
    2.16-0.03-1.37%
    HGN16.CMX
    45.15+1.37+3.13%
    CLM16.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.24-0.02
    ^FVX
    1.78-0.02
    ^TNX
    2.64-0.02
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.4250.0000.00%
    N21.SI
    0.380.00-1.30%
    E5H.SI
    0.49+0.04+8.89%
    42R.SI
    0.785+0.015+1.95%
    G13.SI
    3.78+0.02+0.53%
    Z74.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.255+0.045+21.43%
    Y35.SI
    0.315+0.030+10.53%
    B49.SI
    0.49+0.04+8.89%
    42R.SI
    0.425+0.030+7.59%
    42W.SI
    0.205+0.014+7.33%
    AZT.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.435-0.095-17.92%
    BLA.SI
    0.455-0.045-9.00%
    BMA.SI
    0.165-0.015-8.33%
    O08.SI
    0.172-0.013-7.03%
    AWQ.SI
    0.20-0.02-6.98%
    AWI.SI