EUR/GBP made a 100 pips move upwards today, with soaring British Unemployment and Trichet’s optimism pushing the Pound down and the Euro up. EUR/GBP now trades at 0.9390, after breaking last week’s high of 0.9318 which it reached last week. During the day, it passed the 0.94 mark, hitting a high of 0.9414. The Euro moved up today against the dollar, with the EUR/USD climbing above 1.31. Jean-Claude Trichet said that he believes that growth will resume in the beginning of 2010. On the other hand, the British Pound fell against the dollar on the very disappointing employment figures in the UK. Claimant Count Change, which whows the change in the number of people claiming unemployment benefits during the last month, rose to 138.4K, much much more than early expectations, of 84.5K. Also the previous month’s figure was revised: it now stands at 93.5. The British Pound collapsed fast, and fell against the dollar to 1.3859. GBP/USD then retracted, and is now trading at 1.3984. So, this double move in Europe and in Britain, sent the EUR/GBP pair up. After EUR/GBP broke the downtrend resistance line one week ago, it continues upwards. The targets for EUR/GBP haven’t changed: the next resistance is at 95 – which was the high point in January 26th. This point forms the downtrend resistance that was broken. The next point is of course the highest – 0.98, when EUR/GBP was almost at parity. So, this is another step in the road to EUR/GBP parity. I’ll follow this interesting cross. Yohay Elam Yohay Elam Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts. Yohay's Google Profile View All Post By Yohay Elam Forex News Today: Daily Trading News share Read Next Forex Daily Outlook – March 19th 2009 Yohay Elam 14 years EUR/GBP made a 100 pips move upwards today, with soaring British Unemployment and Trichet's optimism pushing the Pound down and the Euro up. EUR/GBP now trades at 0.9390, after breaking last week's high of 0.9318 which it reached last week. During the day, it passed the 0.94 mark, hitting a high of 0.9414. The Euro moved up today against the dollar, with the EUR/USD climbing above 1.31. Jean-Claude Trichet said that he believes that growth will resume in the beginning of 2010. On the other hand, the British Pound fell against the dollar on the very disappointing employment figures in… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
