My advice for today concerning the $uros to poundsr remains the same as for Friday, in other words the only way to trade this pair at the moment is either on a long time scale (in my opinion bearish) or alternatively on an intra day basis as we did so successfully on Friday, and I hope the chart I included gave you some confidence to attempt these shorter time frames.

Last Friday’s daily candle closed below both the 9 and the 14 day average but this gives us very little clue to trading opportunities for the next few days as the overall movement is sideways at present.  The key news this afternoon which may bring some impetus to the market is a speech by ECB President Trichet who is testifying on the economy before the European’s Parliament Committee on economic and monetary affairs in Brussels.   There is very little other news around today and, of course, the whole week will be dominated by the G20 summit being held here in London.

With regard to any possible trades for today you may probably be limited to scalping opportunities of a few minutes duration possibly looking to take a maximum of 5-10 pips on each – very difficult and needing much discipline.  A quick glance at the 5 minute chart highlighted one such possible trade at 13.35 to buy on a bullish engulfing signal and is currently yielding around 14 pips.

You can keep up to date with all the latest $undamental newsthe economic calendar, live news and latest currency news by following the appropriate link, and if you are looking for a good ECN broker themn I have provided some advice here.