Lets review what happened today
OUR LAST LIVE ON THE NEWS TRADE CALLS
Today the first plan we had was to go long on the GBP/USD If the Industrial Production came out higher than expected by .5%. Unfortunately it only came out higher than expected by .2% however with a revised number and the Yearly number all coming out higher it still managed to move up very well but for our purposes this was a no trade.
Our next plan and the big news for the day was the ECB raised rates unexpectedly by a quarter point which moved the GBP up well over 100 pips just as I had said in yesterdays trade call. I hope you were watching this and were able to pick up a that move. Although it was an unlikely trade it was very predictable given the circumstances. This definitely strengthened the GBP.
The last release we were watching was the ECB Rate decision which came out as expected. So there was no trade there.
OUR NEXT LIVE ON THE NEWS TRADE CALL
Tomorrow we have the US Retail Sales Less autos which is expected at .5%. This is not my favorite release however it could provide for some good movement. If I see 1% or more in deviation I will probably trade this. A higher than expected number would signal a sell on the GBP/USD and a lower than expected number would signify a long on the GBP/USD. Look for this at 8:30 am eastern
I will also keep an eye on the Advanced retail sales and if it conflicts I will look to exit the trade. In addition to this look out for any possible revisions.
Good Luck trading!!!
