UK Retail Sales is usually a very decent news to trade especially considering recent strength in the GBP despite constant pressure from the US Dollar. With CPI remaining above the 3.0%, I believe GBP is a long hold trade and we may very well see the currency continue its ascension.
4:30am (NY Time) UK Retail Sales Forecast 0.2% Previous -0.8%
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 0.2% figure, I would recommend to BUY only if the figure is at least positive at 0.7% or better, and SELL only if the figure is below -0.3%.
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 using 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 | November 16, 2017 | News Trading Plan
November 12, 2017 by Leave a Comment