Recap: No trades taken yesterday as the pair never broke the fallen resistance line that we were tracking. We'd rather miss out than miss our equity, however, so that sits fine with us.
Today's Important News Events:
|11:00||GBP BOE Asset Purchase Target (APR)||325B||325B|
|11:00||GBP Bank of England Rate Decision (APR 5)||0.50%||0.50%|
|14:00||GBP NIESR Gross Domestic Product Estimate (MAR)||0.1%|
|*To see a more extensive list of news events (not just those we consider important), visit our Forex Calendar.|
The pair has fallen hundreds of pips since the Fed announced it was going to be easing its liquidity programs (i.e. no QE3 on the horizon), dropping from just below 1.34 to just above 1.31. Recently price has begun to curl up in a bearish consolidation flag pattern, and we will look to get short again on a support break.
Trading Idea: We are looking to get short on a support break with targets at 20/20/25/25 for 90 pips profit.