UK Prelim GDP q/q is a first GDP release for the Q1 of 2017 period, and since it is the first release for the quarter it is also the most likely to surprise the market, thus adding more volatility if we were to get a surprise. I’d wait for the release before taking any position on the GBP as this is a major one for the currency.
4:30am (NY Time) UK Revised GDP q/q Forecast 0.4% Previous 0.6%
The Trade Plan
We´ll still be looking to trade the release using our after news retracement method. Our surprise factor is around 0.3% as we´ll look to possibly SELL GBP at 0.2% or worse, and BUY GBP at 0.8% or better.
Historically, if there is a 80% of chance that our S. Factor hits, the market will move up to 50~70 pips within the hour as GDP is a very high impact report.
For more information on my news 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 Prelim GDP q/q | April 28, 2017 | Currency Trading
April 27, 2017 by Leave a Comment