UK Manufacturing PMI | May 2, 2017 | Forex Trading

Event Details At-A-Glance:
57.354.054.22.0

UK Manufacturing PMI has the potential of changing short-term GBP trend especially considering the recent focus on Britain’s economy and jobs due to Brexit.  Any sharp surprises today could have a longer impact on the overall sentiment of the Sterling.

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4:30am (NY Time) UK Manufacturing PMI Forecast 54.0 Previous 54.2
DEVIATION: 2.0 (BUY GBP 56.0 / SELL GBP 52.0)

The Trade Plan
We´re looking for a tradable deviation (or the difference between the forecast figure and the actual release figure) of 2.0. Since this is a leading indicator and its impact may hint the future trend of other economic indicators (such as inventory, employment, retail sales, etc..), the market usually reacts to this release with volatility if we get our deviation.

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We´ll be looking to BUY GBP if we get a 56.0 or better, or looking to SELL GBP if we get a 52.0 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.”

Thanks,




Currency Pair Stats
Pair2H50+2H50RangeDirectionPN30PN60PN90Spike
GBPCHF75.7%66.7%7788.6%32507129
GBPJPY71.4%66.7%7291.4%36527130
GBPUSD52.9%50.0%6390.0%29425828
EURGBP11.4%4.2%3288.6%12182614
2H-50+ = % of 50+ pips move in 2hrs. | 2H-50 = % of 50+ pips move in 2hrs. for the last 2 years | Range = average range in 2 hrs. | Direction = % match following news direction | PN30 / PN60 / PN90 = average pips move before news release in 30, 60, or 90 mins. period | Spike = initial average spike
About Henry Liu

My name is Henry Liu and I am a Forex Trader and Mentor. I help traders achieve consistent income trading Forex while spending less time trading. My focus in trading is a combination of Fundamental Analysis, Technical Analysis, and Market Sentiment. Far too many retail Forex traders concentrate on just one aspect of trading, technical analysis, and ignore everything else; it is my goal (and vision) to educate every trader on how to take advantage of news trading and become more balanced traders.

You can find more information about me on my Google Profile.

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