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Forex Flash: GBP/USD in corrective rebound before further losses - Commerzbank

Commerzbank analysts are betting on a rebound since the GBP/USD has met its initial target of 1.4853, the 61.8% retracement of the 2009 move: “We note the divergence of the RSI, the TD perfection set up on the daily and the weekly – suggest that the move lower is done for now and we are likely to see a corrective rebound”, wrote analyst Karen Jones, pointing to a rally to 1.5100 and even 1.5250 ahead of failure.

“We do not believe that the down move is over and longer term we look for losses to 1.4259/29, the 2010 low”, she added, pointing to initial resistance at 1.4992 (very accelerated downtrend) ahead of 1.5236 (23.6% retracement), and an offered market below 1.5398.

Commodities Brief – Precious metals surrender some of yesterday’s gains, crude targets stability above 93.00

The price of gold has made a comeback in recent days, trading near its two-week high as renewed fears out of Europe have helped foster risk-aversion in markets – clearly to the benefit of the yellow metal. While prices have not been able to overtake the 1600 barrier/key resistance in recent days, gold has succeeded in being confined to a narrow consolidation, stabilizing a month-long free-fall. Indeed, in the aftermath of last week’s Italian downgrade by Fitch, along with other European blemishes surfacing on the continent, gold could be primed for a move higher if sentiment wanes. At the time of writing, the price of gold has settled at USD $1590.54 per oz.
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Forex: USD/JPY recovers the mark of 95.83/84

The USD/JPY was trading in dire straights during the onset of European trading Wednesday, as the price rapidly declined to the 95.45 level (session low). After bottoming out in this region however, a recent recovery has been orchestrated, as the pair has pared some of its losses (nearly 40 pips) to trade at 95.83/84, down -0.15%, as the cross eyes the 96.00 level.
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