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What do I do???

Looking at the chart it appears that the current spot is at about the 50% retracement level between the high of 1.5581 and the low of 1.5023 established in the month of May.

This means that the GBP can literally swing either way, depending on the PMI data.  I believe the data will outbeat the forecast of 53.1.  The past 3 months has been showing an uptrend and there’s no reason to be otherwise.

gbpusd_hourly chart_may 2013_6 june 2013

Checked the option, to buy a call option till this Friday seems rather expensive at 68bps.  So it looks like I may have to place a limit buy order or maybe, even a spread order, that is to buy and to sell the GBP.

 

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