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Forex Flash: GBP/USD likely to fall to 1.48 - HSBC

The fall in GBP has been substantial but on a historical basis this is still not the case, says HSBC.

"If we were to return to historical precedents, then a further significant leg down can not be ruled out, but for now, our downward revisions to an already bearish GBP profile are less potent, but nonetheless argue for further GBP weakness ahead."

The bank expects GBP/USD "is likely to fall to 1.48 and EUR-GBP may rise to 0.91 by year end but the historically minded will keep their eyes on GBP’s troubled 2009 extremes."

Commodity Brief: Gold diverges to the upside

Oil was Thursday one of the big losers among commodities as it closed in NY around the $93 mark, losing almost -2% for the day, along with CRB index that lost -1.17% by NY close, printing fresh 2013 lows, despite the fact Gold managed to close in the positive. As GlobalFX CEO and former Head of Currency Strategy at the NAB and Westpac Gregory McKenna notes, Gold “took a bid tone from the equity sell off. If this is the new market meme for a while then Gold's weakness should be over for a little while and if it can break back into the recent down trend it has the potential for a substantial rally,” the analyst suggests.
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Forex: GBP/USD spikes to key 1.5320 resistance

In a rather unusual move, the British Pound has just exploded higher over 60 pips breaking resistance at 1.5270 to find its session peak at 1.5320. The spike comes after buyers emerged off 1.5130 lows, negating further follow through to an otherwise strong US Dollar, which recorded substantial gains against the Euro, for example.
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