Overall the pair has made some extremely bearish moves over the past week, dropping well over 400 pips since July opened just under 1.27. Since yesterday's open the pair has shown some bullish consolidation but we are still treating it as just that - consolidation - that will eventually give way to another bearish drop. We will maintain this view until the charts give us evidence of something different.
Today's Important News Events:
Date Time (UTC) Event Forecast Previous
Tue Jul 10
14:00
GBP NIESR Gross Domestic Product Estimate (JUN)
0.1%
*To see a more extensive list of news events (not just those we consider important), visit our Forex Calendar.
Trading Idea: As mentioned above we are opening a short at current price, 1.2285, with targets down to 1.2205 for 80 pips profit.
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