TRADING TIPS :
- Forex- Dollar gains ground vs. other majors on U.S. rate hike hopes.
- Forex- GBP/USD holds at 1-1/2 week lows despite U.K. GDP data.
- Forex- Euro down more than 1% on Greece woes.
GBP/USD hit 1.4755 during European morning trade, the session low; the pair subsequently consolidated at 1.4765, down 0.27%.The pound was trading at one-and-a-half week lows against the U.S. dollar on Tuesday, even after data showed that the U.K. economy grew more than initially expected in the fourth quarter of 2014, as demand for the greenback remained broadly supported.In a report, the U.K.’s Office for National Statistics said gross domestic product expanded at a rate of 0.6% in the final three months of 2014, up from a previous estimate of 0.5% and above expectations for a 0.5% reading.
EUR/USD hit lows of 1.0714, the weakest level since March 20 and was last at 1.0722, down 1.02% for the day. The euro was down more than 1% against the dollar and the yen on Tuesday as a standoff between Greece and its creditors over a debt restructuring deal dragged on.The drop in the euro came after Greece failed to reach an agreement on a program of economic reforms with its lenders on Monday. Athens will run out of cash later this month unless it can reach a compromise with its creditors in time to unlock more bailout funds. The euro remained lower after preliminary figures showed that euro zone consumer prices slid in March but the rate of decline slowed from the previous month, indicating that price falls may have already bottomed out.
1. Buy GBP/USD Above 1.4796-TG: 1.4826/1.4856 SL 1.4766
2. Sell GBP/USD Below 1.4732-TG: 1.4712/1.4682 SL 1.4762