UK Manufacturing PMI has the potential of changing short-term GBP trend but with Brexit already triggered since last week, market’s reaction will be very important to gauge sentiment. At any rate, if we get our deviation, we should see market react accordingly.
4:30am (NY Time) UK Manufacturing PMI Forecast 55.1 Previous 54.6
The Trade Plan
We´ll be looking to BUY GBP if we get a 57.1 or better, or looking to SELL GBP if we get a 53.1 or worse. We´ll use the Retracement Trading Method to trade this release. For more information, read: 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.
Outlook Score Outlook score is derived from market sentiment, focus, and economic indicators for the currency. It represents the long-term trend of the currency and its market perception. In short, a strong Outlook Score means more long-term demand for the currency, and a weak Outlook Score is the opposite.
DEFINITION “UK Manufacturing PMI is a survey of purchasing managers in the manufacturing sector on various economic activities, including inventory, employment, orders, etc… A higher than 50 reading means expansion, or a less than 50 reading means contraction.”
UK Manufacturing PMI | April 3, 2017 | Forex Trading
April 3, 2017 by Leave a Comment