UK Retail Sales should be a good release to watch and probably a very volatile one for GBP. On a strong surprise today, I’d trade in the direction of the release but avoid taking a trade at all cost unless we get at least our tradable deviation.
4:30am (NY Time) UK Retail Sales Forecast 1.0% Previous -1.9%
The Trade Plan
Our tradable deviation or surprise factor for UK Retail Sales is 0.5%. If our deviation is hit, we can expect the market to move at least 50 pips within the hour; of course, considering that we are expecting a 1.0% figure, I would recommend to BUY only if the figure is at least positive at 1.5% or better, and SELL only if the figure is below 0.5%.
We´ll be looking for an after-news retracement trade for this release. For more information on my trading 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 Retail Sales | February 17, 2017 | Currency Trading
February 13, 2017 by Leave a Comment