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Forex Analysis – Daily Forex Analysis GBP/EUR 24 Aug 2009

Forex $echnicallysis

The gbp euro ended the week in positive mood with a wide spread up bar on the daily chart and following on the back of two strong up moves on Wednesday and Thursday. However, this move was far more significant than the previous two, as Friday’s price broke and held above the strong resistance in place at the 0.8650 price level, with the close of the $orex tradingsion ending above this price handle at 0.8677 –  a small margin perhaps, but sufficient to suggest that we should see a recovery in the gbp euro in the short term. With this strong level of support now acting as a platform, and with all three moving averages pointing higher, the $orex technical analysis the early part of the week would suggest a bullish picture for the currency pair.

Fundamental Forex Anlaysis

Monday is a very quiet day for $undamental newsthe economic calendar across all the $orex markets regions, and the only item of news for Europe today is the release of Industrial News Orders, which are forecast at 1.7% against a previous of -0.2%, and indicates the change in the total value of new purchase orders placed with manufacturers, so an improving picture in Europe for manufacturing should the forecast be correct. There is no news in the UK for the British pound, so today  could well be dominated by $echnical tradingne, but the rest of the week is much busier with some important numbers in both Europe and the UK.  My trading suggestion for today is therefore to look for small long positions on an intra day basis, with a stop loss well below the current support region.

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.