TRADING TIPS :
- Forex-Dollar slips lower vs. rivals as Greece concerns subside.
- Forex-Australian dollar weakens on mixed NAB business survey.
- Forex- Euro gains more than 2% against Swiss franc.
GBP/USD hit 1.5043 during European mornning trade, the pair’s highest since January 22; the pair subsequently consolidated at 1.5011, adding 0.13% Cable was likely to find support at 1.4947, the low of January 22 and an 18- month low and resistance at 1.5212, the high of January 22.Market sentiment was hit as Syriza’s victory sparked concerns over Greece’s future in the euro zone. The pound edged up against the U.S. dollar on Monday, but remained within close distance of recent 18-month lows as market sentiment weakened broadly following Greek anti-austerity Syriza party’s election win on Sunday. The pound shrugged off data on Friday showing that U.K. retail sales rose 0.4% in December, beating expectations for a 0.6% decline, after a 1.6% increase the previous month.
EUR/USD hit 1.1374 during European afternoon trade, the session high; the pair subsequently consolidated at 1.1243, gaining 0.35%.The pair was likely to find support at 1.1112, Friday’s low and an 11-year low and resistance at 1.1374, Friday’s high.The single currency dropped to fresh 11-year lows against the dollar earlier, amid concerns over Syriza’s pledge to renegotiate the terms of Greece’s €240 billion international bailout and reverse many of the austerity measures imposed by the European Union and International Monetary Fund. The euro held gains against the U.S. dollar on Monday, as markets digested news anti-austerity Syriza party swept to victory in elections in Greece, although concerns over the country’s future in the euro zone still weighed.
1. Buy GBP/USD Above 1.5006-TG: 1.5026/1.5056 SL 1.4976
2. Sell GBP/USD Below 1.4937-TG: 1.4917/1.4887 SL 1.4967