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Forex Flash: Time to short the GBP/USD? – RBS

FXstreet.com (Barcelona) - According to the RBS Research Team, “We recommended establishing a short GBP/USD position. The relatively poor structural position of the UK, particularly against the US has remained unchanged and hence the strategy remains compelling. We now believe that short-term risk/reward has once again shifted in favor of re-entering the position for another run down below 1.5000.”

Ultimately, “we recommend establishing short GBP/USD exposure, targeting 1.4800 with a stop above 1.5800 (one day close).” they add.

Commodities Brief – Luster wears off as precious metals collapse, crude breaks towards 94.00

The yellow metal plummeted Friday, ahead of the looming G7 conference this weekend and amidst the inevitable surge of currencies against the Japanese yen yesterday. In particular the USDIX soared to new heights, further hurting commodities prospects today. Though the fall started during European trading, gold now is incurring fresh intraday lows at USD $1427.31 per oz., unable to slow its decline. With strong support at 1418, ahead of 1404, the prospects for a further decline look to be relatively contained.
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Fed's Bernanke: Legacy of financial crisis remains

Fed president Ben Bernanke delivered a speech on Friday at the Conference on Bank Structure and Competition in Chicago, in which he focused mainly on the issue of shadow banking. He did not touch upon monetary policy in his opening remarks.
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