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Euros Pounds – Daily Forex Chart 20th April 2009

In the total absence of any $undamental newsthe economic calendar for either the Euro or the British Pound the currency market has taken the view that of the two currencies the  British Pound is marginally more of a “basket case” as the UK waits for Chancellor Darling to deliver his budget on Wednesday.  Despite some mildly encouraging economic data last week the Chancellor is expected to apply a gloss to the worst economic picture in living memory and one which the market is unlikely to swallow.

From a $echnicalspective any upbars in the next few days (which I suggested would happen this week) could  be seen as opportunities to open short positions for the longer term, and my view is that thereafter we can expect a  period of consolidation before any break to the downside back to retest support in the .82 region.  As this could take some time if there is sufficient market volatility the best way to approach trading the $uros to poundr is using a swing trading strategy in the 15 minute chart.

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