Well to wrap up this past week with our daily ranges we saw some nice movement on our cable trade on Monday and Tuesday with 120 pips for Monday and 135.4 pips for Tuesday. The real momentum behind our big mover was what Greece was going to do with their elections and how things were going to turn out. Long story short, a new Greek coalition government will be formed after a new democratic party won the elections by a small percentage. The new coalition does favor a Greek bailout program and Euro zone leaders have agreed to ease terms on Greece in favor of its stability.
So because of the good news and the possibility of brighter days for Greece we saw a very nice move Friday on Gbp/Usd with 255 pips trending to the upside ahead of the weekend. Which finished out the week at 655 pips and puts us in a 131 pip range headed into next week to watch for.
There is still very good potential to head much lower if we can stay below the 200 SMA and if we see the pair breaking a 3 year line in the charts and moving past the 1.5270 level were very likely for a big move further down.
Have a great trading week!
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