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Flash: GBP weakness: the next chapter - HSBC

FXstreet.com (Barcelona) - HSBC strategists believe that the Bank of England is likely to regain some of its tolerance for GBP weakness.

They feel that with no obvious or palatable “shock and awe” options to kick-start the UK economy, the new governor will probably choose a multi-faceted approach of which a helpful exchange rate may form a part. Further, in any event, they feel that the decline in GBP is likely to be orderly, with wider USD strength playing its part. They write, “The new HSBC positioning indicator already points to a stretched degree of bearishness on GBP/USD while our year-end forecast for GBP-USD of 1.45 is broadly in line with fair value PPP and other valuation measures.”

AUD/USD continues consolidation

AUD/USD continues to consolidate in a 94 pip range between 0.9562 and 0.9666.
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Commodities Brief – Gold prices favor bullish movement higher, capped by 1400 resistance for now

The price of gold has retested 1420.00-resistance level on Friday, before ultimately retreating to retest the short-term broken descending resistance around the 1385.00 level. After breaking this trend line, the bullish rebound scenario remains favored, eventually looking to rebound towards 1445.00, the 50-day SMA at 1460.00 and finally the previous key horizontal resistance 1478.00. At the time of writing, the yellow metal has settled at USD $1396.88 per oz. during European trading.
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