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Market Brief
The EUR/USD continues sliding lower amid last minute uncertainties on whether negotiations with Greece would start in Athens as scheduled today. The pair hit 1.0666 as Asian traders adjusted their positions to ECB, EC and IMF officials meeting to seek solution for Greek debt repayments. Greece should service 6.5 billion euro worth debt within three weeks. The sentiment in EUR remains strongly negative. Decent option barriers trail below 1.0725 for today expiry. In addition to Greek turmoil, the hawkish Fed expectations before next week’s FOMC meeting pave the way toward the next target 1.05. EUR/GBP advanced to 0.70801 in an effort to clear bids at 0.70/0.72 region. The strong EUR-negative sentiment offsets the parallel GBP debasing. As bearish EUR/GBP trend gains momentum, we expect stronger challenge at 0.70 psychological support.

GBP/USD consolidates weakness a figure higher than January low (1.4952). The formation of bullish harami suggests short-term correction, if the Cable holds ground above 1.5027/29 following industrial and manufacturing production data to be released in London today (at 09:30 GMT). Traders look to sell the rallies with strong USD appetite pre-FOMC next week and with Conservatives leading the elections polls with 33% of votes verse 31% in favor of Labour party (YouGov/Sun poll). Strong offers are presumed at 1.5180/1.5252 (Fibonacci 38.2% / 50% on Jan-Feb pick-up). The next support stands at 1.4952 (Jan 23th low).

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