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
    1.33250.000.00%
    USDSGD=X
    1.4462-0.0012-0.09%
    EURSGD=X
    2.0194-0.0034-0.17%
    GBPSGD=X
    89.4681+0.2486+0.28%
    SGDJPY=X
    5.8164+0.00020.00%
    SGDHKD=X
    2.6734-0.0087-0.33%
    SGDMYR=X
    9,737.5186+18.9424+0.19%
    SGDIDR=X
    4.6556+0.0065+0.14%
    SGDCNY=X
    1.0403-0.0018-0.17%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,181.40+5.40+0.46%
    GCQ15.CMX
    15.73+0.10+0.63%
    SIK15.CMX
    69.95-0.68-0.96%
    ^XAU
    2.750.00-0.04%
    HGK15.CMX
    56.96-0.19-0.33%
    CLM15.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.32-0.03
    ^FVX
    1.92-0.03
    ^TNX
    2.62-0.02
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.845+0.005+0.60%
    N21.SI
    0.290.00-1.69%
    5WA.SI
    0.430.000.00%
    E5H.SI
    0.220.00-2.22%
    5GB.SI
    1.19+0.04+3.03%
    N03.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.195+0.042+27.45%
    W12.SI
    0.12+0.01+11.11%
    E6R.SI
    0.22+0.02+10.00%
    D38.SI
    0.41+0.03+6.49%
    TI6.SI
    0.35+0.03+7.69%
    41C.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.355-0.095-21.11%
    UV1.SI
    0.115-0.015-11.54%
    O2I.SI
    0.505-0.065-11.40%
    D11.SI
    0.199-0.021-9.55%
    AFC.SI
    0.109-0.012-9.92%
    5PO.SI