The $uros to poundsr took a breather yesterday after the strong up move of the last few days and finished the day with a small spinning top suggesting that we might see a short term reversal in the next couple of days.  For this pair it will be close on the weekly chart which may give us some idea of future direction and I will be considering this over the weekend.  The key point to note from the chart is that the high of the last 2 days seemed to co-incide with the resistance at 0.9450 which might suggest that this provides stiffer opposition to any move higher than we first expected.  A move up and through this region today would confirm the bullish tone but given yesterday’s indecision it would not be a surprise to see a small reversal today and into early next week.  For today I would suggest you step aside and wait for the close of the week.   The main $undamental newsEurope has already been released with the German PPI coming in worse than expected and the industrial production figures slightly better than expected.  Neither had any major impact on this pair.

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