Trading Tips:The euro edged lower against the other major currencies on Wednesday after Greece became the first developed country to default on the International Monetary Fund as its bailout program expired. The IMF confirmed that the Greek government failed to make a scheduled €1.6 billion loan repayment by close of business on Tuesday. A default by Greece wiIl add to fears over the country’s solvency and fuel doubts over the condition of Greek banks and the collateral they use for European Central Bank loans. Earlier Tuesday the Greek government requested a new two-year bailout program and debt restructuring, the country’s third in five years. However the latest proposals came too late to prevent Greece’s existing bailout agreement from expiring.
RECOMMENDATION :
BUY GBP/USD ABOVE 1.5810 TARGET 1.5830 1.5860 SL 1.5780
SELL GBP/USD BELOW 1.5490 TARGET 1.5470 1.5440 SL 1.5520
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