What do I think of the above data?
I believe the data will disappoint, but it may not have a big impact in the marketplace as the EUR and GBP have already retraced to the 61.8% level.
Upside will be limited, however, if the data comes in strong, then, the downside risk is much higher.
Although, I feel and believe the data will disappoint, however, purely from the risk and reward ratio, if the data surprises on the upside, then, the meltdown in the EUR and GBP will be big.
So, I may put on a contrarian trade and place a sell limit order on the EUR and GBP. Maybe, instead of placing two orders, just do a cross, that is, EURGBP.
Anyway, we still have another 3 hours before the data is out and more time to access the opportunity.
The Panthenon Investment Group 