Friday’s candle confirmed the bearish sentiment for the $uros to poundsr once again making that six down days in a row and closing just marginally above the 40 day moving average.  With the 14 day average now crossing above the 9 day average will add further weight to any downward move.  As we are now running into a region of heavy consolidation any short term positions will have to be approached with a degree of caution and I would still only suggest taking medium to longer term positions once the price has broken below 0.8733.  In the meantime intra day trading is my preferred option for this pair and I would look for small short positions once the price moves back towards the low of the day at .9042 or below.  With very little $undamental newsms on the economic calendar today and with a short week in prospect with possible thin volumes trading this pair could be tricky and need very tight stops, and I would suggest taking any profits off the table early.  We may see a further period of sideways consolidation this week given the above.

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