We´ll be trading the UK Services Purchasing Manager Index today at 4:28am (NY Time). This is a leading indicator similar to the Manufacturing PMI that was released early this week, here´s the forecast:
4:28am (NY Time) UK Services PMI Forecast 52.0 Previous 52.2
The Services PMI is tradable with a minimum deviation of 2.5 between the forecast and the actual release. If we get at least 54.5 or better, we could see some demand in the GBP and we will consider BUYING GBP against weaker currencies. If we get a 49.5 or lower, GBP could weaken and we should look to SELL GBP against stronger currencies.
Use the after-news trading method. For more information on my methods:
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 Services PMI | November 5, 2012 | Forex Trading Plan
November 2, 2012 by Leave a Comment