Home » Euros to Pounds Daily Chart » Forex Analysis – Euro GBP Forex Market Analysis 27th August 2009

Forex Analysis – Euro GBP Forex Market Analysis 27th August 2009

Forex $echnicallysis

The $uros to poundsr pushed higher once again yesterday, ending the trading session with a wide spread up bar, with the closing price deep into the strong resistance area between 0.8750 and 0.9050 price band,  making this the seventh straight day of gains for the currency pair. However the resistance outlined above is significant and therefore it will not be a great surprise, given the fact that we are now approaching the weekend, to see a minor pullback today, as $orex tradersare positions ahead of the weekend and take their profits off the table. For the upwards momentum to be sustained we need to see a break and hold above the upper boundary in the 0.9050 region, and should this occur next week then we could see a move towards the next level at 0.9200.

$undamental Forex Analysisrong>

The key $undamental newsm on the economic calendar for the euros to pounds pair for today is the Revised GDP data, due in the UK this morning, with a forecast of -0.8%, the same as for last time. This is the second release of the same data set ( three releases all together ) of which the Preliminary has the most impact as it is the first, followed by the Revised and then the final. Nevertheless, the news will have some impact this morning and should the actual be better than forecast then this could be good for the UK pound. The only other minor items are Index of Services and for the UK and Consumer Confidence in Europe ( yet more sentiment numbers if we didn’t have enough already!!), and further details are available in the economic calendar.

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.