Will Greece Default?

April 21, 2015 – Forex News

Today’s Hot Asset: EUR/USD

Fresh fears of a Greek exit from the Euro pushed the EUR/USD down to 1.0660. Greece still needs to reach an agreement with its creditors to secure a bailout and avoid defaulting. Yesterday, the government ordered public entities to transfer reserves to the central bank, signaling that the country is moving closer to running out of money. It is now reported that the ECB are trying to provide emergency liquidity assistance and are assessing different measures to do so.

No important data is set to be released for the rest of the day so movement is expected to be technical. The price is currently correcting slightly upwards and has reached 1.0710. Support is found at 1.0650 and resistance at 1.0725.

GBP/USD

Yesterday, the GBP/USD declined and reached a low of 1.4890. Losses were caused by both sides. The Dollar climbed as it experienced a price correction and the Pound weakened as it remains under pressure ahead of the upcoming elections. Speculation is rising that there could now be a ‘Brexit’ if the Conservative party is voted in. If this occurs, the Pound could move much lower.

No important data will be published today but traders should focus on tomorrow’s releases from the Bank of England at 8.30am (GMT). The movement is sideways. Support is found at 1.4800 and resistance at 1.5050.

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