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 our SELL number is hit, we can expect GBP/USD to move 50 pips within the hour. If we do not get our tradable number, there would be NO trade.
Normally we are looking for a deviation of 2.0, but in this case we are looking for an above 50.0 release and below 45.0, this is due to the recent market condition and risk sentiment.
UPDATE: We got a much better than expected release and market reacted with a strong demand for Sterling almost immediately. I waited for the market to calm down and then entered after a quick dip, made over 30 pips in about 47 minutes after the release. Not bad for a total of 77 minutes of work, if you count the 30 minutes before the release preparation time.