UK Manufacturing PMI

February 1, 2013

UK Manufacturing PMI

Manufacturing PMI is a leading indicator that is usually released early in the month. Traders pay attention to this release for surprises as this survey may help to shape the general trend of the currency for the rest of the month. Here is the forecast:

4.28 am ( NY Time ) UK Manufacturing PMI Forecast 51.0

 Previous 51,4

DEVIATION : 2.0 ( BUY GBP 53.0 / SELL GBP 49.0 )

DEFINITION “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.”

The Trade Plan We´re looking for a tradable deviation (or the difference between the forecast figure and the actual release figure) of 2.0. Since this is a leading indicator and its impact may hint the future trend of other economic indicators (such as inventory, employment, retail sales, etc..), the market usually reacts to this release with volatility if we get our deviation.

We´ll be looking to BUY GBP if we get a 53.0 or better, or looking to SELL GBP if we get a 49.0 or worse.

Recommended Pairs : GBPUSD, GBPCAD

GBP/USD - British Pound / US Dollar

Resistances : Weekly 1.596 ; Daily 1.5935 ; Hourly 1.589

Supports : Weekly 1.5775 ; Daily 1.58 ; Hourly 1.5845

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DEVIATION :