Home » Euros to Pounds Daily Chart » Euro Pound Technical Analysis 26 Oct 2009

Euro Pound Technical Analysis 26 Oct 2009

The $uros to poundsr was another of the currency pairs which saw a significant and substantial price movement on Friday as the currency markets reacted to the shocking GDP data from the UK, which came in at -0.4% against a forecast of 0.2%. Indeed the numbers were so bad, that many market analysts are now suggesting that the Bank of England may well have to review its quantitative easing programme which seems to be having little effect at present, and with Captain Brown in charge of a sinking ship which is fast disappearing beneath the waves as the band plays on, there seems little hope for the UK economy either in the short term or indeed into next year! The euro of course was a major beneficiary, with the euros to pounds pair racing higher as a result, and breaching all three moving averages as a result, and with the 40 day moving average providing solid support from below. With the recent short term decline now firmly reversed, the key for the medium term will once again be whether we see a break and hold above the recent top at 0.94, and should this price level be achieved, then a move towards unity once again becomes a reality for the euros to pounds pair.

There are no meaningful items of $undamental newsthe economic calendar for either the Euro or Sterling save for the German Gfk German Consumer Climate number which came in at 4.0 against a forecast of 4.5.  Later today there is also speech from External BOE MPC Member Designate Adam Posen at the Cass Business School in London. 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.