4:30am (NY Time) UK Manufacturing PMI Forecast 51.5 Previous 50.8
ACTION: GBP/USD BUY 53.5 SELL 49.0
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. If this number stays above 50, there shouldn’t be much market reaction; however, if this number falls below 50, GBP could be under some selling pressure as the confidence level for Sterling has been low among investors.
UPDATE: Market quickly moved on the worse than expected release; I waited for a decent retracement from the initial drop and picked up over 42 pips of profit in a relative short amount of time. Overall it was a great trade, great analysis, and whoever followed me in my room made good money.