Recap: Our short was triggered on the 1.3368 support break yesterday. Unfortunately price swing back upward and hit our SL for a 50 pip loss. Needless to say a false break alert was sent out shortly thereafter.
Price has been consolidating between a falling resistance and a rising support, with a very recent resistance break at 1.3464 occurring a couple hours ago.
We are bullish on the pair short-term but with a solid rising intraday support we will look to get short on a support break with a TP of 80 and a SL of 50.
Today's Important News Events:
|10:30||GBP Bank of England Quarterly Inflation Report Press Conference|
|13:30||USD Advance Retail Sales (JAN)||0.1%||0.5%|
|23:50||JPY Gross Domestic Product (QoQ) (4Q P)||0.1%||-0.9%|
|23:50||JPY Gross Domestic Product Annualized (4Q P)||0.4%||-3.5%|
|23:50||JPY Nominal Gross Domestic Product (QoQ) (4Q P)||0.0%||-0.9%|
|*To see a more extensive list of news events (not just those we consider important), visit our Forex Calendar.|
Trading Idea: Short on a support break with a TP of 80 and a SL of 50.
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