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Forex pairs in this Article » GBP/USD (Barcelona) - According to HSBC, the U.K. and U.S. monetary policies are in the early stage of an unusual situation, what they call a rare divergence in direction of policy, which should lead to further falls in GBP/USD.

Key quotes

"UK monetary policy is seeking to distance itself from the less dovish tone emanating from the US Fed. Such a divergence in policy is a rare event in UK-US economic history, and has been associated with GBP-USD weakness in the past."

"In addition, while the path of policy in both countries will be determined by the economic data, here too the risks are skewed towards the GBP weakness."
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