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Forex Flash: GBP/USD with scope for a move to 1.5600 – BBH

FXstreet.com (Córdoba) - The BBH analyst team comments that there is a bullish flag patter unfolding in GBP/USD and today's advance, if sustained, would lend credence to it. "The next immediate resistance is seen near $1.5425, but we continue to hold out the prospects of a move toward $1.56", says BBH.

"For its part, the euro continues to flirt with the 38.2% retracement of the slide from the early February test of $1.37", they comment. "A move above $1.3120 would give the single currency scope for another near-term cent advance".

Commodities Brief – Precious metals drop during US trading, crude oil held below 94.50

A recent upside attempt via spot gold prices was stymied at the 1561 level Thursday at the onset of American trading. Since yesterdays FOMC fiasco, precious metals and commodities have been in a state of flux, as nobody truly knows what the Fed rhetoric will translate to in tangible terms – indeed a suspension of QE3 would portend further weakness to gold prices. In these moments, the price of gold has once again edged lower and is trading negatively at USD $1557.68 per oz. The yellow metal is in the midst of a bearish consolidation, however prolonged stability above 1570 will ultimately cancel this view.
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Forex: EUR/USD slips below 1.3100

After being rejected by the 1.3140 area, and with the greenback trimming losses across the board, EUR/USD finally surrendered and gave up ground, sliding back below the 1.3100 mark at the beginning of the New York session.
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