This data is usually a market mover for the GBPUSD since it’s largely a services economy. However, with the FOMC just less than 24 hours away, I wasn’t sure whether the GBP would move or not.
In any case, just in case it moves, I decided to put on my straddle with the following details: –
Stop if Offered at 1.3470, Spot at 1.3512, Stop if Bid at 1.3540
Corresponding SLs at spot.
As it turned out, the Retail Sales came in at 1.0 versus forecast of 0.2. GBP spiked upwards and triggered my stop if bid leg.
I waited till it hit 1.3600 and I decided to square the trade for a trading profit of 60bps.
GBPUSD is now trending at 1.3582.
Whew…………….what a quickie………….all in 4 minutes! Hehehehehehehehe
The Panthenon Investment Group 