IMPACT ON THE USD-

The unexpected decision of Greek government strongly impacted on the USD on a negative side. Investors are expecting a possible victory for the opposition party that wants to modify the bailout.

IMPACT ON THE GBP-

The UK data again disappointed analysts. The total production output is estimated to have increased by 1.1% between October 2013 and October 2014. Total production in October 2014 is estimated to have contracted by 0.1% compared with September 2014. Manufacturing was the only one of the four main components to fall, decreasing by 0.7%.

TECHNICAL VIEW

The cable marginally gained at the previous session, but was unable to close above 20Dsma. The cable has intraday resistances at 1.5726 and 1.5764 and weekly resistance at the 1.5826 level. The hourly resistance exists at the 1.5686 and 1.5726 levels. On the support side, they exist between 1.5660 and 1.5650 on an hourly basis. We recommend fresh intraday buying above 1.5726 with the targets at 1.5764 and 1.5800. We recommend intraday selling below 1.5650 with immediate targets at 1.5630, 1.5615, 1.5600, and 1.5550. Below the 1.5620 levels, we can see strong selling pressure. The hourly (H1 and H4) stochastic is indicating a selling mode.