Recap: Our long was triggered at 1.3140 yesterday (PRO signals sent out at 7:28 UTC) on the bullish blast upwards, quickly getting 30 pips into the profit before slowly settling down over the next several hours and eventually hitting our tightened SL at break even. A wash, but we will settle for that in swing trading while the pair searches for direction.
Today's Important News Events:
|08:30||GBP Bank of England Minutes|
|08:30||GBP Jobless Claims Change (MAR)||6.0K||7.2K|
|*To see a more extensive list of news events (not just those we consider important), visit our Forex Calendar.|
For the most part the pair consolidated yesterday without finding a clear direction. Overall the 4h charts are in a very mild downward trend given the lower lows and lower highs of late, but we are very near the price level we were at 30 days ago so the trend is weak at best.
Overall we are still looking for reasons to get short.
Trading Idea: We are going to take an aggressive short on another approach to the falling resistance (proximity alert for PRO members) with targets at 20/20/20/20 for 80 pips. We will look to close and get long on a resistance break with targets at 20/20/25/25 for 90 pips profit.