Today, was a day the market was looking out for the UK PMI data. Gladly, the Eurozone PMI data came in slightly upbeat.
Believing that the UK data will also come in slight brighter, I put in a LONG GBPUSD limit order at 1.5260 when the spot was trading at 1.5240. I purposely put it 20bps out of the money, just in case I was wrong. I also had a SL at 1.5245.
When the data came out better at 51.3 versus expectations of 50.3, the GBP started to take off, triggering my order at 1.5260, as it reached 1.52780, we squared the position.
Ultimately, it hit a high of 1.5289 and has since come back down to 1.5265.
We locked in trading profits of 20bps or 0.13%, not a bad quick scalp for the day.
The Panthenon Investment Group 