Home » Euros to Pounds Daily Chart » Daily Forex Analysis – Forex Chart Euros To Pounds 31st August 2009

Daily Forex Analysis – Forex Chart Euros To Pounds 31st August 2009

Forex $echnicallysis

Following seven straight gains on the $uros to poundsr, it was no great surprise on Friday to the $orex marketssee the UK pound fight back a little as $orex tradersared their positions ahead of the long weekend in the UK, and took some profits off the table. As a result the euro gbp pair closed the trading session with a wide spread down bar, but one which failed to engulf the previous candle of Thursday, suggesting that this was simply the market taking a breather, before moving on higher, rather than any longer term change in sentiment for the fx pair. However, before we assume that this rally will simply continue unimpeded, we are now entering a deep level of congestion which could provide a significant and impenetrable barrier to further progress higher. In simple terms for the move to continue we now need to see a strong move to breach this resistance, and break out to the top side, which would then provide a solid platform for a continuation from the 0.9100 region and beyond. However should the move run into problems, then we may see a correction and pullback as a result. With the UK markets closed on Monday for a national holiday, and with general thin trading volumes, we may have to wait for later in the week to see any meaningful price action unfold.

$undamental Forex Analysisrong>

As outlined above the UK forex market is closed on Monday so there is no UK $undamental newsthe economic calendar, and the only news in Europe is relatively insignificant and covered in more detail on the euro vs dollar site.

You can keep up to date with all the latest fundamental news on the economic calendar, latest currency news and live currency charts by simply following the links.  I have also included details on an excellent ECN broker.