There is very little in the way of $undamental newsthe economic calendar for either the pound or the euro today.  In the UK we had the BBA (British Banking Association) mortgage approvals which came in far worse than expected at 26k against a forecast of 29k and for the Euro we had the GKF Consumer Sentiment from Germany which came in at 2.5 against a forecast of 2.3, marginally better than expected.  This has translated into lacklustre trading in the $uros to poundsrs and is likely to continue until at least tomorrow morning when we have a the CPI data for Germany and the CBI numbers for the UK when we could see a bounce back from the Euro.  Indeed a look at the weekly chart suggests that we have a mildly bullish engulfing signal, although this needs to be treated with caution as the weekly close finished below both the 9 and 14 week moving averages, so for any sustained move higher we will need to see this signal confirmed in due course.

Meanwhile on the daily chart last Wednesday’s bullish signal of a wide spread up bar which engulfed the previous day’s candle was confirmed on Friday with a strong up move but again prices failed to hold above the 40 day moving average which will need to be cleared in order to provide longer support momentum to any price move higher.  My trading suggestion for today is ideally to step aside and wait for a modicum of momentum to come into the market and this pair, in particular. You can keep up to date with all the latest fundamental news, latest currency news and live currency charts by simply clicking the relevant links.  In addition I also provide details of an excellent and innovative ECN broker.