Forex Chart Analysis: Euro to GBP

A relatively quiet day for the $uros to poundsr, which ended the day with a small doji cross candle indicating indecision in the market, and the possibility of a small reversal lower in the short term as the pair take a breather following the steep rally of the last few weeks. With  a very busy day of $undamental newsthe economic calendar today, particularly in Europe where we have a raft of data being released in the morning, we could see some volatility as the euro reacts to the news, and given the nature of yesterday’s candle we should see prices move lower in the short term, before resuming their upwards path in due course. With all three moving averages pointing higher and with little serious resistance ahead and good support from below, the 0.9250 seems the next likely price target for the euros to pounds pair. For the UK pound, the only item of news is the release of the MPC meeting minutes which provide background to the recent rate decision in the UK and the associated voting of the committee which is expected to report a 0-0-9 split as before.  Into the current debate surrounding Sterling has weighed in our good friends at Goldman Sachs who are advising clients to build up their Sterling reserves – we shall see!  All the main items of fundamental news of the euro are covered in more detail on the euro to 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.