4:30am (NY Time) UK Retail Sales Forecast 0.6% Previous 0.0%
ACTION: GBP/USD BUY 1.2% SELL -0.1%
Today we’ll once again focus on the UK Retail Sales, a high impact news released monthly, which is measurement of activities at the retail level. A higher Retail sales number usually reflects better consumer consumption, which leads to better economy, and of course better for its currency.
The tradable deviation for this release is at 0.6% on the Headline number. If our deviation is hit, we can expect the market to move at least 50 pips within the hour, with a historical accuracy of 72%. If we do not get at minimum of 0.6% in deviation or difference from the expectation, we are like not take a trade as the release figure might not be safe enough for a successful trade based on historical data…
With Sterling make another impressive comeback from yesterday’s MPC Meeting Minutes, BOE will revisit the subject on its Quantitative Easing Program, which means possible ending it, investors are fired up on Sterling right now. The trend is obviously bullish, but after yesterday’s gains, market could consolidate a few hundred pips without really affecting the trend. So in conclusion, be careful as the market may appear strong, but it could go either way.
As usual I will be posting the results back here as soon as possible, so stay tuned.
Related posts:
- UK Retail Sales m/m 11/19/09
- Forex Trading Plans For UK Retail Sales m/m 09/16/10
- UK Retail Sales m/m 01/22/10
- Trading Plan For UK Retail Sales 06/17/10
- Trade Plan For UK Retail Sales 05/20/10
- UK Retail Sales 03/25/2010
- UK Retail Sales m/m 12/17/09
- Forex News Trading UK Retail Sales m/m 01/21/11
- Forex News Trading UK Retail Sales m/m 02/18/11
- Forex Trading Plan For UK Retail Sales 04/22/10
