As it is the start of a new week, lets look at the weekly chart for the euro pound to try to provide some direction for our trading this week, and it comes as no great surprise that last week’s candle provides little information for us, other than confirming that the sideways movement is still firmly in place. For any confirmed move we will need to see a break back above the 0.9100 region for a move higher, and a break below the 0.8700 area for a move lower. It is interesting to note this morning’s breakout to the up side, and with luck this may be the first signal for a longer term trade, but until the move is confirmed in the weekly candle chart I would advise that you wait and see. For those of you with a straddle strategy this could be the volatility you have been waiting for, although with no economic news due for release today, nobody is quite sure why this has happened this morning, so I would advise caution in viewing this move at the moment. As the week develops we will see in the daily charts whether this is indeed a confirmed move or simply a false breakout on thin $olume>

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