Recap: No EU trades triggered from yesterday's signal as the pair continued to rise without every challenging our rising trend support.
Today's Important News Events:
|08:30||GBP Gross Domestic Product (QoQ) (1Q A)||0.1%||-0.3%|
|08:30||GBP Gross Domestic Product (YoY) (1Q A)||0.3%||0.5%|
|12:30||USD Durable Goods Orders (MAR)||-1.5%||2.2%|
|16:30||USD Federal Open Market Committee Rate Decision (APR 25)||0.25%||0.25%|
|18:00||USD FOMC to Release Projections of Economy and Fed Funds Rate|
|18:15||USD Fed's Bernanke Holds Press Conference|
|*To see a more extensive list of news events (not just those we consider important), visit our Forex Calendar.|
Expect some choppy moments in the markets today with plenty of news coming out. British GDP, US Rate Announcements and the Bernanke press conference - just to name a few - are all expected to be market movers.
British GDP is forecasted to be both positive and an improvement over the previous reporting - we expect any negative growth to send the GBP/USD down. The US rate decision is expected to remain at 0-0.25% for the foreseeable future and we do not expect the markets to react so much to that, as to any potential language changes in the FOMC announcement.
Technically the pair is struggling to get on top of 1.3225 resistance and are tracking an aggressive support just under the last few hours of consolidation to catch a potential downward swing.
Trading Idea: We are looking to get short off of a support break with targets at 20/20/25/30 for 95 pips profit. If the current candle closes above 1.3225 we will not take the short off the current support line and will instead look to re-draw a more aggressive support if it develops and take that break instead.