Site Update: The poll yesterday was overwhelmingly in favor of our proposed change to begin swing trading on Fridays and to do intraday updates on Mondays. We believe this is a great change as Fridays would have been profitable trading days, on average - more so than Mondays in fact. This change will begin immediately, starting this Friday.
Recap: No trade taken yesterday to report on as the resistance break we were waiting for never occurred.
Today's Important News Events:
|01:30||AUD Consumer Prices Index (YoY) (2Q)||1.3%||1.6%|
|08:30||GBP Gross Domestic Product (QoQ) (2Q A)||-0.2%||-0.3%|
|08:30||GBP Gross Domestic Product (YoY) (2Q A)||-0.3%||-0.2%|
|*To see a more extensive list of news events (not just those we consider important), visit our Forex Calendar.|
Trading Idea: We are still bearish on the pair and will look for reasons to get short. Our primary trade is a short on a support break with targets at 20/20/20/20 for 80 pips profit.
We are concerned about the lack of follow through in either direction so far this week, but the setup is solid enough for us to risk our equity on.
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