The bearish tone continued in the yesterday’s trading session for the $uros to poundsr as we push towards our short term target of 0.85 on the daily chart, with Tuesday’s candle closing below all three moving averages which are now adding to the downward pressure.   With prices now well clear of the previous support in the 0.87 region we should be set for a period of bearish momentum and once through support at the 0.85 level we could see a deeper move even as low as 0.80 over the next few weeks as there is very little in the way of significant support to prevent such a deep move.

Items of $undamental newsthe economic calendar for the Euro and the British Pound can be found on the main euro dollar  and pounds to dollar sites respectively.  In addition we could say that with the stabilization of the political situation in the UK there is no reason to suppose why currency traders should not once again favour the British Pound.  My trading suggestion for today is to look for short positions using the hourly chart to find suitable entry points for medium term position trades.

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.