UK Services Purchasing Manager Index is a very tradable indicator as the majority workforce is services based. A stronger reading should add to the demand of GBP whereas a weaker release will probably prompt shorting of GBP.
4:30am (NY Time) UK Services PMI Forecast 55.8 Previous 56.2
The Services PMI is tradable with a minimum deviation of 2.5 between the forecast and the actual release. If we get at least 58.3 or better, we could see some demand in the GBP and we will consider BUYING GBP against weaker currencies. If we get a 53.3 or lower, GBP could weaken and we should look to SELL GBP against stronger currencies.
Use the after-news trading method. For more information on my methods: http://www.currencynewstrading.com/how-to-get-started-with-news-trading/
I’d recommend to use the Recommended Pairs from above as they are based on my CSM, which should provide the best combination of currency pairs to trade based on better/worse news… of course, you can also trade the default pair: GBPUSD.
UK Services PMI | February 3, 2017 | Currency News
January 30, 2017 by Leave a Comment