UK Retail Sales should be a good release today but I don’t know how much the market will be willing to trade it was the BOE rate decision is just under a few hours.
Of course, if we get a strong surprise, such as seeing a positive reading in Retail Sales or a more negative reading by the tune of -1.4%, then I think we should see some market reaction… Obviously the idea is to go in and out, especially considering BOE rate decision at 7:00am…
4:30am (NY Time) UK Retail Sales Forecast -0.9% Previous 2.3%
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 -0.9% figure, I would recommend to BUY only if the figure is at least positive at 0.0% or better, and SELL only if the figure is below -1.4%.
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 | June 15, 2017 | News Trading
June 11, 2017 by Leave a Comment