Sideways price action with a bearish flavour just about sums up the $uros to poundsr at the moment and my opinion remains the same as yesterday in that the only way to trade this pair profitably is over the longer term.  Items of $undamental newsthe economic calendar which may give some momentum include tomorrow’s Halifax HPI figures in the UK followed by the manufacturing PMI data and on Thursday ECB interest rate decision and press conference by Jean Claude Trichet.

Closer inspection of the weekly chart, which I have replicated in this post, shows a potential short term bullish move as we have the 14 week moving average crossing the 9 week and both sitting well above the 40 week ma and therefore you could try a small long position on any break above 94.65  with a tight stop.

In the meantime you can keep up to date with all the latest currency news, access live currency charts and the latest fundamental news by clicking the appropriate links.  In addition just click the link for an excellent ECN broker.