In today’s live trading session, we went over the ECB rate statement and what it may entail for our current and pending setups. We then found a swing short for GBPUSD.
The European Central Bank (ECB) has decided to keep interest rates unchanged at 0.00%. This has been the same rate for several years now. Although this wasn’t a surprise to anyone, the Euro reacted in a bullish manner as we predicted on Tuesday. This led to our current EURGBP trade to get stopped out. On the flip side, our short for USDCHF benefitted and dropped to its final intraday target of +62 pips.
For the rest of the session, we focused on trade setups we could take before the week comes to a close. We arrived upon a swing short for GBPUSD. This pair is down -1.25% and we expect further downside to commence. Our reasoning for this bearish bias is that the pair had crushed its recent daily support, and has retested and rejected it on a smaller timeframe. The trade has been called and currently, we are up +50 pips in profit.
This week was set to be short and sweet due to the Monday being Labor day and today’s ECB event. We still have about a day’s worth of trading left in the week, let’s see what other trades we can enter in that span. As always, be safe and trade responsibly!
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