Yesterday’s wide spread down bar which penetrated both the 9 and 14 day moving averages, confirmed that we are likely to see a sustained period of sideways movement in the $uros to poundsr as outlined in yesterday’s post.  As with many other currency pairs this makes longer term trading almost impossible and therefore my suggestion for today and for the next few days is to concentrate on looking for trading opportunities in the shorter time frames but even here the picture may be too contradictory to yield any significant profits.

One of the reasons for this pairs’ current sideways movement is that the fundamental data likely to give the price action some direction is not due out until Friday when the Nationwide HPI figures followed by UK sales should provide some interesting analysis of the state of the UK economy.

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