Did a GBPUSD trade hoping to catch some action on the release of the UK retail sales. UK and BOE looking at economy closely; housing prices, retail sales, and services PMI are data that will be volatile.
I decided to do a straddle: –
GBPUSD – Spot at 1.5600, Long Stop if Bid at 1.5625 and Short Stop if Offered at 1.5575.
The data came out in favour of the UK at 1.2% stronger than forecast of 0.4%.
However, the GBP didn’t really move that much, so I squared the position at 1.5660 for a trading profit of 35bps.
The Panthenon Investment Group 