Recap: Our short was triggered on the 01:43 UTC support break at 1.24. That trade barely stayed alive as it almost got closed out as a false break after the 4h entry candle closed at 1.2399! Our short is still open and is currently at 22 pips in the red. The price action this week has begun to take the form of a bullish flag pattern so we will close out at current price for a 22 pip loss.

Today's Important News Events:

Date Time (UTC) Event Forecast Previous
Aug 7
04:30 AUD Reserve Bank of Australia Rate Decision (AUG 7) 3.5% 3.5%

14:00 GBP NIESR Gross Domestic Product Estimate (JUL)

*To see a more extensive list of news events (not just those we consider important), visit our Forex Calendar.

Trading Idea: To take advantage of the bullish flag pattern we will get long on a resistance break with targets at 80 pips profit.