The $uros to poundsr finished another inconclusive week with a narrow spread down bar closing marginally below the 9 week and 14 week moving averages and continuing the range bound trading we have seen for the last few weeks with the pair oscillating between 0.87 and 0.94 since early February.  Trading this morning has continued in a similar vein with prices moving lower once again and currently holding below all three moving averages yet showing little sign of extending the move to any great extent, despite the apparent strengthening of the UK pound against other major currencies, such as the US dollar.   The turning point may come this week with interest rate decisions both in Europe and the UK which could define the pattern for the next two to three weeks, coupled with significant news items in the US, not least of which is the release of bank stress tests which some commentators are expecting to show that at least 10 out of the 19 banks in US may still require additional tax payer monies.  This information is due for release on Thursday and on Friday we have the monthly non farm payroll fireworks.

My trading suggestion for today is to look for small short positions on an intra day basis, but be aware of a strong line of support sitting immediately below the 0.882 region so look to take small profits off the table quickly.

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